Basically, compliance to the low is something that should be approached with utmost care. Carelessness deadly especially with following the Sarbanes-Oxley Act as well as the FASB ruling which are all concerned with the finances of the business. In the end, trade and channel programs are all financial and are inextricable from the bounds of these laws. Of course these laws are also focused on the entire enterprise and the core of the business as well, but the implications of these laws on channel management are directly proportional to the former.
One must never forget what many refer to as the holy trinity regarding compliance – first is the proper maintenance of legal records, the correct separation of roles, and finally, the true classification of expenses. Once these are all followed to the letter one’s channel partners and trade promotion have a high chance of success. Creating automated systems programs through channel management software that is faithful to all compliance issues and that has the right internal access is one of the best steps toward a legally compliant trade program track record. However these programs should first be fully grown in-house. Give oneself the power of holding all data should always be the first thing that is accomplished in an endeavor to create a successful set of channel programs that will fit with the objectives of the company.
