Organizations today operate in an elevated environment of ethical, legal and regulatory responsibility. Regulations and related risk are intensifying while companies are measured more and more by their degree of corporate integrity and how they do business.
For ethics and compliance programs, the days of reactive, check-the-box compliance management are gone. Document-centric program information, data silos, manual processes, and disjointed technology won’t cut it. They simply can’t provide the visibility and insight needed to ensure that compliance practices are in order, but more important, that a company’s business operations are centered on its ethics and values.
A recent survey from GRC 20/20 in conjunction with OCEG investigated the role of technology in this changing business environment. The responses from more than 100 chief compliance officers, chief risk officers, general counsels and other GRC team members reveal how program leaders value an integrated ethics and compliance solution and which features and capabilities are most important. Here are a few interesting findings:
- According to respondents, the two most important functions of an integrated ethics and compliance solution are 1) Having a robust system of record to defend compliance, and 2) The ability to align corporate goals with the ethics and values of the organization.
- The top capabilities needed to automate ethics and compliance processes are 1) Reporting, and 2) Policy management.
- The most critical features in an integrated ethics and compliance solution include 1) Dashboards and benchmarking, and 2) Root cause analysis.
Overall, the findings suggest that ethics and compliance program leaders need more than an ad hoc, reactive approach that restricts business agility, exposes their companies to unnecessary risk, and has little or no impact on corporate integrity.
You can learn more about how those surveyed view the role of technology in adapting their programs to meet the demands of a changing business and regulatory environment. Read the report: Technology Priorities for Compliance and Ethics: Aligning Technology to Changing Requirements.