Miller, Geoffrey P. --- "An economic analysis of effective compliance programs" [2018] ELECD 259; in Arlen, Jennifer (ed), "Research Handbook on Corporate Crime and Financial Misdealing" (Edward Elgar Publishing, 2018) 247

Book Title: Research Handbook on Corporate Crime and Financial Misdealing

Editor(s): Arlen, Jennifer

Publisher: Edward Elgar Publishing

ISBN: 9781783474462

Section: Chapter 10

Section Title: An economic analysis of effective compliance programs

Author(s): Miller, Geoffrey P.

Number of pages: 16

Abstract/Description:

Tests for “effective” compliance programs take the form of lists specifying required elements in varying level of detail. From an economic perspective, an effective compliance program can be defined more fundamentally as the set of policies and procedures that a rational, profit-maximizing firm would establish if it faced an expected sanction equal to the social cost of violations. This chapter explores the idea and several of its extensions and qualifications.