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Definition of Fair Trade Compliance Program (CP)

CP is the internal programs, such as training, monitoring programs, made by a company in order to establish a fair order for competition and meet the standards set by government laws and regulations. The purpose of CP is as follows: - To provide clear code of conduct to staffs - To learn law-abiding spirit and develop it to become corporate culture - To detect any law violations in advance and provide opportunities to correct them. - To prepare a countermeasure, preventing the same violations from occurring again.

Need of CP

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  1. Paradigm shift in fair competition : CP is a global trend for the risk management
  2. Preventing business loss from law violations : To prevent business loss from law violations (including fines, compensation for damage, worsened company’s image)
  3. Improving overseas and domestic credit standing : To improve credit standing by implementing transparent and ethical management

Seven CP Core Elements

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  1. Indication of compliance willingness by the management : The management should send a message that CP is a key factor for business operation and all staffs should comply with relevant regulations.
  2. Designation of a compliance manager and operation : Compliance manager should have authority and responsibility for CP and manage/operate it effectively
  3. Making a compliance handbook and distribution : A compliance handbook should be made and distributed to facilitate easy understanding and operation of CP
  4. Education program operation : Education should be conducted to describe specified law violations
  5. Building monitoring system : Systematic monitoring system should be built to prevent law violations
  6. Restriction on staffs who violate the Fair Trading Act : Restriction should be made against staffs who violate Fair Trading Act
  7. Building document management system : Effective and systematic document management system should be built for CP operation