The Competitive Advantage of a Strong Corporate Compliance Program
One of the many challenges of being a compliance professional is the risk of living in the bubble of your organization. We can often get so mired down in the minutia of compliance, investigations, policy management, and… let’s admit it… paperwork. We lose sight of the bigger picture and what ethical compliance can mean to our organizations.
I was reminded of this most recently by a client who explained that they view their corporate compliance program as a strategic difference between them and their competitors in the market. They talk about how important it is on their quarterly analyst calls. They call it out in their annual report. They take supplier compliance seriously and not only administratively.
I must say, it was refreshing to hear! So I asked a little more about how that manifests itself, and they had plenty of examples. Below is a sample of the top issue or concerns in compliance by industry segments.
Healthcare:
False Claims Act enforcement
Better internal investigation capabilities
State and Local Government:
Cybersecurity and cybercrime
Establishing and maintaining an ethical culture
Publicly Traded Companies:
3rd party risk
Building consistency in program enforcement across multiple divisions/jurisdictions
Privately Held Companies:
Social media compliance risks
Cybersecurity and cybercrime
Retailers:
Building consistency in program enforcement across multiple divisions/jurisdictions
Better internal investigation capabilities
This brings cause for pause and reflection, and we encourage our clients to consider what they want to accomplish with their corporate compliance program:
Are you only seeking minimal compliance with regulatory issues and laws, or do you want more from your compliance initiative?
Are you seeking a competitive advantage in the market through a superior program?
How do your corporate compliance program objectives align with your corporate strategy?
Can you use an analytics-driven approach to link actual behavior to related training and policy through a continuous improvement process?
We’d urge you to break out of your compliance bubble and seek a loftier purpose in your corporate compliance program!
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MEET THE AUTHOR
J Rollins is the co-founder and CEO of ETHIX360. J is a well known leader and innovator who has served on senior leadership teams ranging in responsibility from Chief Revenue Officer, Chief Marketing Officer, SVP of Product Strategy and Chief Operating Officer.
ABOUT ETHIX360
At ETHIX360, our goal is simple: to provide an affordable, flexible, and comprehensive answer to employee communication, policy management, corporate training and case management on issues related to corporate ethics, code of conduct, fraud, bribery, and workplace violence.