If an organization’s tone at the top could be measured and correlated with higher earnings and lower rates of financial reporting fraud… most directors would almost certainly want to assess that tone.
Risk oversight is a top-of-mind issue for boards because of the expectations spawned by the financial crisis and the unanswered questions around what directors might have, or should have, done to thwart that crisis.
If you’ve worked in a corporation for any length of time, you’ve lived through multiple initiatives designed to inspire, motivate and give direction to employees.
It is important to understand one’s limitations in life. In the world of compliance, this means CCOs need to be realistic when they start a new job with a new company. It also means that a CCO has to be honest with himself or herself. Deep down, every person knows their strengths and weaknesses.
The buck stops at the CEO. Well, yes and no. The CEO needs to create a leadership team setting where core strategic foundational data is established and implement a system that cascades throughout the company to link …
What does Woodstock have to do with compliance? Tom Fox tackles the question in a discussion regarding the importance of a company’s culture.
Corporate cultures need to progress from motivation by individual self-interest to inspiration for the greater good, from checks and balances to trust, and from rules-based behavior to being guided by what is right—just like strong safety cultures have already done.
Section 922 of the Dodd-Frank Act, which establishes SEC whistleblower mechanisms, is now in full effect. As if FCPA risks were not already high enough, now companies have to consider whistleblowers. How to manage this threat? By encouraging employees to report FCPA violations internally first, through pre-existing compliance programs.
Most compliance programs have less than five hours of employees’ time each year for dedicated compliance and ethics training (or barely a minute per day!). So, how do we shape employee behavior while allowing for the strategic freedom, entrepreneurial spirit, and on-the-job innovation that drive corporate success?
Thomas Fox takes a look at the journey of Cathy Choi, president of an energy-efficient light bulb manufacturer, as she found a way to instill values in her company as she took the reigns. Her approach could be used in the context of implementing a compliance program.