Building world-class ethics and compliance programs | Deloitte | Risk Services has been added to your bookmarks.
Building world-class ethics and compliance programs
Five ingredients to meet global expectations
The ethics and compliance function has evolved over the past decade and it is now front and center with greatly expanded responsibilities. When it comes to creating ethics and compliance programs, organizations today cannot afford to settle for “good enough” and should continuously strive for “great.”
“Today’s CCO is a leader who can build alliances, enhance trust both inside and outside the organization, and work to strengthen brand and reputational value.”
-Henry Ristuccia, Leader of Strategic and Regulatory Risk, Deloitte Global Risk Advisory
What separates a “good” ethics and compliance program from a “great” one? How does an organization’s investment in compliance and reputation risk mitigation systems and processes measure up against leading practices? At a time when risks are increasing, what are the building blocks upon which to build a world-class ethics and compliance program that not only protects an organization from internal and external threats, but also enhances its brand and strengthens its relationship with all stakeholders?
While there are a number of factors—or ingredients—that separate the “good” from the “great,” in our experience, there are five that are key differentiators in the highest performing compliance programs:
- Tone at the top
- Corporate culture
- Risk assessments
- The chief compliance officer
- Testing and monitoring