The rising incidence of fraud, corruption, and bribery, as well as legal, compliance, and ethical violations have resulted in greater liabilities and penalties for organizations than ever before. An effective corporate compliance program is no longer just an option— it is a necessity. The executive leadership and three lines of defense must be able to work together towards a common goal of sustaining compliance and trust with customers and stakeholders.
Integration and collaboration are key in these efforts. A strong culture of compliance and ethics must be instilled from the top, and extended throughout the organization. That, in turn, calls for robust policies and procedures, compliance assessments and monitoring processes, as well as mechanisms to track and resolve any compliance violations or cases that do occur. These processes are essential in offsetting compliance risks and potential exposures, as well as protecting organizational reputations.