Statutory Compliance Policy Template

Statutory Compliance Policy

Purpose of Statutory Compliance Policy

This Statutory Compliance Policy establishes minimum requirements for meeting statutory and regulatory obligations applicable to [Company Name]. It defines responsibilities, procedures, and controls for managing compliance risk.

Scope

This policy applies to all employees, contractors, officers, and managers of [Company Name]. It covers activities and obligations that arise from statutory, regulatory, licensing, and reporting requirements relevant to the organization and its operations.

Policy Principles

[Company Name] will manage statutory and regulatory compliance through accurate recordkeeping, timely reporting, regular review, and prompt escalation of potential noncompliance.

Employee Responsibilities

• Understand and follow applicable procedures, controls, and reporting requirements that relate to your role.
• Complete mandatory compliance training and attestations within required timeframes.
• Maintain accurate records and supporting documentation for transactions and actions that have statutory implications.
• Report known or suspected compliance issues, errors, or omissions promptly through the required channels.

Manager Responsibilities

• Ensure team members understand and follow this policy and related procedures.
• Review and approve transactions, reports, and records in accordance with delegated authority and internal controls.
• Escalate potential compliance breaches, exceptions, or unusual matters to HR or the designated compliance function without delay.
• Support corrective action and training where gaps are identified.

HR and Compliance Function Responsibilities

• Maintain and update this policy and supporting procedures to reflect changes in obligations and best practice.
• Provide compliance training, guidance, and communications to employees and managers.
• Coordinate internal reviews, audits, and external filings or notifications as required.
• Maintain central records of compliance actions, approvals, exceptions, and remediation activities.

Compliance Procedures

Supporting procedures define requirements for identifying obligations, obtaining approvals, reporting, recordkeeping, and periodic review. Employees must follow the procedures applicable to their function.

Key requirements include:

• Identify and document statutory and regulatory requirements relevant to the activity.
• Obtain required approvals and maintain supporting documentation.
• Meet deadlines for mandatory filings, reports, and submissions.
• Follow applicable record retention and storage requirements.

Recordkeeping and Documentation

[Company Name] will retain records necessary to demonstrate compliance for the periods required by internal policy and applicable obligations. Records must be complete, accurate, and stored in the approved systems. Alteration or destruction of records outside approved processes is prohibited.

Approval Process

Requests for exceptions, waivers, or approvals related to statutory compliance must follow the formal approval process. Requests must be documented, reviewed by the manager, and approved by HR or the designated compliance function when required.

Manager and HR responsibilities:

• Managers assess operational impact and recommend approval or denial based on internal controls and risk.
• HR or the compliance function reviews legal and regulatory implications and provides required clearance.
• For urgent matters, managers must notify HR or compliance promptly and document the reason and subsequent approval.

Non-Compliance

Failure to comply with this policy or related procedures may result in proportionate corrective or disciplinary action, up to and including termination of employment.

Where non-compliance creates external reporting obligations, [Company Name] will take appropriate remedial action and notify relevant authorities as required by its obligations.

Note

This policy may be updated periodically to reflect changes in organizational operations, statutory obligations, or best practices. Employees will be informed of material changes. If you need clarification on how this policy applies to your role or a specific situation, please contact HR or the designated compliance function for guidance.