Ethical Corporation recently asked ethics & compliance experts what they see as the biggest challenge in their line of work.
In the run up to the 3rd Global Anti-Corruption Summit, ethics & 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 & Compliance managers are:
1. Getting employee buy-in and commitment to true ethical behaviour
2. Getting support from top management and changing the view of compliance function as a mere cost centre
3. Fighting against the existing ‘turn-a-blind-eye’ culture, and the way ‘business has always been done’
4. Managing an effective global program that complies with different and sometimes contradicting local laws
5. Keeping abreast of ever increasing legislation and ensuring that new requirements are always met
6. Managing an effective compliance program in a resource constrained environment
7. Managing rapidly changing stakeholder expectations and avoiding negative media publicity as a result
8. Increased liability of individual prosecution under tough legislative regime
9. Educating, monitoring and managing activities of third parties to ensure compliance
10. 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. We received 134 responses from senior ethics & 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 ).
Ethics & compliance executives from companies such as Baker Hughes, AstraZeneca, Tyco, BAE Systems, Newmont will be sharing their learning. Senior officials from the US DOJ and UK SFO will also lead discussions on legislations and business implications of global anti-corruption efforts.
For more information on the event, visit http://www.ethicalcorp.com/globalethics
For companies interested in speaking or attending the event, please get in touch with Cora Ng, conference director, on the details below.
For More Information
T: +44 (0)20 7375 7573
About Ethical Corporation
Ethical Corporation is an independent publisher and conference organiser, launched in 2001 to encourage debate and discussion on responsible business. Ethical Corporation also publishes the new online magazine www.ClimateChangeCorp.com, launched in February 2007.