<img src="https://certify.alexametrics.com/atrk.gif?account=b2hlr1ah9W20em" style="display:none" height="1" width="1" alt="">
    Login
    Get started

    Stay on top of your firm's risk management and be sure to lay a strong foundation for your Compliance and Ethics strategy

    compliance and ethics strategy

    A 2016 State of Compliance Study by the PwC shows:

    • 98% of senior leaders say they're committed to compliance and ethics
    • 67% have a process in place to identify the owners of compliance and ethics-related risks
    • A third have an officer in overall charge of compliance and ethics
    • 56% of companies don't have a chief ethics officer
    • 20% have Board of Directors that formed separate compliance and ethics committees
    • 82% of leaders communicated with employees on ethics, but 46% of this is done in business meetings or by email
    Follow these top tips to boost your compliance and ethics strategy:
    1. Set policies, controls and 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 someoneFotolia_62846240_Subscription_800x800_DG.jpg 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 and 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 meeting.
    5. Monitor and audit behaviour and your overall C&E programme -  Ask yourself - Is it achieving the desired results? How do you know? (Data should be collected so monitoring is objective.) Is it effective? Are the rules or policies doing as expected? Can anything be improved? If so, how?
    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.

    Leave a comment

    Tick

    eBook: Essential Uncovered

    Skillcast Essentials is our best-selling library and there's a reason for that. Essentials library provides comprehensive coverage of the key compliance / conduct issues that companies in the UK face today.

    Request now

    9 ways to reduce the risk of bribery and corruption

    Corruption affects all countries, rich and poor. It causes instability, inequality, and poverty, eroding national wealth. Despite the UK Bribery Act coming into force in 2011 as one of the toughest ...

    Read More
    Highlights from the GDPR 2019 Summit

    Almost a year on from the implementation of the GDPR, Skillcast held a breakfast forum for its clients at South Place Hotel. During this session, Skillcast gave a breakdown of the new GDPR Library of ...

    Read More
    Compliance Essentials News - May 2019

    Here's a selection of the most informative compliance news stories this month - regulatory announcements, market studies, and stories about compliance lapses and downright disregard of ...

    Read More
    FCA Compliance News - May 2019

    Here's a selection of news stories from the last month that touch upon the people dimension of regulatory compliance. Select the links or scroll down for more details. 3 firms and 5 individuals are ...

    Read More