Top 10 challenges for Ethics & Compliance Executives
27 May 2010 at 1:09 pm
UK’s Ethical Corporation reveals the top ten challenges currently facing ethics and compliance executives.
In the run up to the 3rd Global Anti-Corruption Summit, ethics and compliance executives from a cross-section of sectors were asked what they think ‘the biggest challenge currently facing ethics & compliance professionals is’.
Replies came from companies such as Tata Steel, General Electric, DHL, Imperial Tobacco, Transparency International, Teco Energy, Weatherford, Novo Nordisk, Marriott.
According to the responses received, the top ten challenges currently facing Ethics and Compliance managers are:
- Getting employee buy-in and commitment to true ethical behaviour
- Getting support from top management and changing the view of compliance function as a mere cost centre
- Fighting against the existing ‘turn-a-blind-eye’ culture, and the way ‘business has always been done’
- Managing an effective global program that complies with different and sometimes contradicting local laws
- Keeping abreast of ever increasing legislation and ensuring that new requirements are always met
- Managing an effective compliance program in a resource constrained environment
- Managing rapidly changing stakeholder expectations and avoiding negative media publicity as a result
- Increased liability of individual prosecution under tough legislative regime
- Educating, monitoring and managing activities of third parties to ensure compliance
- Defining ‘adequate’ for your company’s compliance efforts, how do you know you’re doing enough?
The top 3 answers came from 35 percent of responses received. Ethical Corporation says it received 134 responses from senior ethics and compliance executives.
The above topics will be discussed and debated in more detail at the upcoming 3rd Global Anti-Corruption Summit (June 23-24, Washington DC ).
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