![]() Lose a shred of reputation for the firm, and I will be ruthless.” Warren Buffett, in testimony before a Congressional subcommittee in 1991, said: “Lose money for the firm, and I will be understanding. For example, 95% of companies on the 2015 Ethisphere list include reputational risk as part of compliance and ethics assessment. They also do a better job evaluating a wider variety of risks, which results in more robust risk management. WMECs assess compliance and ethics risks more frequently than other companies, more often using strategies such as employee interviews or surveys, management interviews or focus groups, and external documentation review. That person regularly communicates with the company’s board on compliance and ethics initiatives at the company. They also review their programs more frequently than peers, which enables them to update policies and training programs and create benchmarks.Ĭompanies that have a chief compliance officer (CCO) are increasing the visibility and focus of the compliance role. In 2015, 94% of WMECs had such a strategy in place. In 2013, 72% of WMECs had developed a communications plan to articulate company-wide compliance and ethics messages.
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