Which quality is essential for a successful compliance work plan?

A successful compliance work plan requires effective communication with various stakeholders, particularly the Compliance Committee. This committee typically oversees compliance efforts and ensures that the organization adheres to relevant laws, regulations, and internal policies. By communicating with the Compliance Committee, you foster transparency and collaboration, which are crucial for identifying compliance risks, monitoring progress, and making necessary adjustments to the compliance plan. Effective communication ensures that all members are aligned on the goals and strategies of the compliance initiative, enhancing the overall effectiveness of the program.

The other options do not contribute positively to a successful compliance work plan. Revising the plan every five years may not be frequent enough to address the continually evolving regulatory landscape. Developing the plan without management's involvement can lead to disconnect and lack of support from leadership, which is vital for the successful implementation of compliance initiatives. Restricting access to the plan to only top executives can hinder the ability of other relevant personnel to understand and engage with compliance requirements, potentially leading to gaps in compliance awareness throughout the organization.