It’s easy to be overwhelmed by the amount of information in our industry from various white papers and studies, to research findings and analysis. After speaking with hundreds of compliance leaders around the world, conducting surveys and hosting roundtables; Convercent and Ethisphere compiled valuable insights of how compliance can impact your business’ strategy and performance.
The study allows you to benchmark your existing program to others in the industry, including comparisons to the 2015 World’s Most Ethical companies. Please use this report throughout the year and in your planning processes.
Compliance Strategy and Performance: A Special Publication on 2015’s Benchmarks, Case Studies and Best Practices can be downloaded here.
Let’s dig in.
Senior compliance professionals aren’t confident their program is effective.
We found that senior compliance professionals are spending lots of time determining if their program is actually effective, especially in areas around training and company communication – Is this resonating with the employees? What can we do better as compliance professionals to send our message and set the stage for organizational compliance? This is paramount for compliance officers. Hotline statistics continue to be a front-runner to measure program effectiveness, but aren’t providing the granularity of information boards are now looking for. They’ll need more for assurance and to fulfill their oversight responsibilities, including that:
- Top risks are mitigated;
- Policies and training are demonstrably addressing the right risk areas, with the right audiences;
- Culture isn’t breaking down in the middle of the organizational hierarchy;
- Incentives align with a long-term culture of compliance; and
- Consistency in application of responses and non-retaliation measures.
What ways are you measuring your program? Chime in on LinkedIn and let’s continue this conversation!
Tapping into other business unit information paints a clearer picture.
Compliance pros are getting creative with how they seek out data sources. They’re tapping into non-traditional areas like IT and HR to gather information to measure their programs—an indication that an otherwise tedious task is beginning to get easier because of collaboration. In most cases, compliance is receiving data in spreadsheets—a small, but significant step forward. Once you augment compliance data with even a handful of HR attributes (e.g., salary, tenure and direct supervisor), you gain much better insight into the story the data’s telling you.
Let us know what creative ways you’re tapping into non-compliance data in your organization. We’d love to hear your insights!
Program measurement continues to be a tricky hurdle.
Measurement is always a tricky hurdle that trips compliance offers. What we found to be the most popular method of determining success metrics is by estimating how much money is being saved by having an effective program in place that cuts back on the number of fines or reputational damage due to a violation. This all ties into the bottom line for the company, which, if a compliance officer can prove to their CEO or Board their program has a direct positive impact on, the more clout the compliance function will receive across the organization. Looking forward, compliance teams are eager to find measurable, analytical and even predictive metrics around company culture and employee behavior. These attributes are tough to pin down and trend today, but once harnessed, they could allow companies to anticipate and proactively address organizational issues before there’s a breakdown.
Do you find this to be a continuous challenge? How to do you overcome it?
Ok, we get it. You’re reading this and probably thinking, “Another report – great. But what can I really take away from this and at the end of the day, why does this matter to me?” We don’t have to tell you that compliance is challenging, tangled and complicated, not to mention that it’s really not something everyone is willing to sit down and talk through. Well, here at Convercent, we’d like for you to think of us as your go-to resource for advice, best practices, benchmarking and various ways in which you can improve your day-to-day as well as the big picture.
This report kicks off 2016 strong because it establishes a baseline for you to work toward throughout the year. Append it, edit it and cater it your organization and program. From us and Ethisphere to you, we want this year to be the year of compliance.
Don’t have a copy yet? Download it here. Sharing is caring; feel free to pass it along to your colleagues.
Want to continue the conversation? Here are a couple of opportunities:
Ethisphere Global Ethics Summit – March 9-10
Are you headed to GES this March? We’d love to see you there. If you’re going to be in the Big Apple, feel free to connect with us and share with us your take on compliance strategy and performance.
Along with Ethisphere, we are holding an interactive webinar on March 10 to discuss the report in detail. If you’re going to be at GES or have other commitments, we will pass along the recording your way. Regardless, sign up here! Hope you can join us.