By building business ethics in tandem with compliance you will boost confidence among regulators, stakeholders and customers alike.
PwC compliance study findings
- 98% of senior leaders said they were committed to compliance and ethics
- 67% had a process to identify the owners of compliance and ethics-related risks
- A third had an officer in overall charge of compliance and ethics
- 56% of companies didn't have a Chief Ethics Officer
- 20% of corporate boards had formed separate ethics committees
- 82% of leaders communicated ethics with staff, but 46% in meetings or by email
You can read the full results on the PwC website.
How to build a corporate governance process
1. Set policies, controls & procedures
Decide what's important and how you're going to achieve it.
2. Arrange effective compliance oversight
Get the "tone from the top" right, and appoint someone with overall responsibility for compliance/ethics.
This increases accountability and ensures things get done.
3. Conduct due diligence
Conduct adequate due diligence on all business partners, including associates and third parties.
Make sure you're not delegating authority to those who are unfit or unsuitable.
4. Provide information & training
Make sure everyone understands your compliance programme, rules and expectations.
Be careful how you do this too - put your compliance and ethics messages front and centre, rather than a 5-minute add-on at the end of business meetings.
5. Monitor & audit behaviour
Ask yourself - Is it achieving the desired results? How do you know? Is it effective? Are the rules or policies doing as expected? Can anything be improved? If so, how?
Data should be collected to ensure that monitoring is objective.
6. Use enforcement to deal with violations
Make sure that rules are applied consistently and you respond to all breaches effectively.
Publicise cases (while balancing the need for confidentiality) so offenders are clearly seen to face sanctions for violations.
Use information about violations to improve your C&E programme for the future.
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