The results of the 2009 version of its annual study on the Top 12 corporate compliance concerns expressed by global companies revealed an international shift from inward-facing compliance concerns such as financial integrity to outward-focused concerns such as anti-bribery requirements, the leading concern on this year’s list for the second year running. Greater focus on outward-facing compliance concerns is occurring as companies address how their actions impact the world in addition to focusing on preventing harm to themselves, says the company’s report. This changing focus resulted in conflicts of interests & gifts and product safety & liability jumping towards the top of this year’s list.
Integrity Interactive noted an interesting geographical trend revealed in the 2009 study. The company observed a different global emphasis on two of the most important concerns, conflicts of interest & gifts and product safety & liability. North America showed greater emphasis on conflicts of interest & gifts (number four), while
Recent headline-grabbing bribery cases involving politicians in
Increased demand for supply chain integrity also shaped this year’s Top 12 and drove business awareness of the potential ethics, compliance, and corporate social responsibility risks faced from misconduct in a supply chain. Concern over new supply chain regulations, negative media exposure from potential supply chain scandals and conduct of business partners played a role in pushing anti-bribery requirements (number one), conflicts of interest & gifts (number two) and product safety & liability (number six) to the top half of this year’s list.
“The spate of recent bribery and corruption cases involving prominent government officials shows that this same level of rigor is missing in the public sector. Ethics and compliance efforts in government remain weak,” said Integrity CEO David Curran. “Drastic changes in our global economy and recognition of the importance of supply chain integrity have companies demonstrating a renewed commitment to the basic principles of corporate ethics and compliance. Integrity’s new Top 12 research shows that companies across industry sectors and global regions are taking steps to ensure transparency, ethical behavior and quality controls.”
The Leading Corporate Ethics and Compliance Concerns for 2009:
* Anti-bribery requirements: The top compliance concern of major corporations today, understanding Anti-Bribery requirements helps companies avoid the difficulties of organizations under investigation for charges relating to official corruption.
* Conflicts of interests & gifts: Employers are concerned their employees know how to avoid conflicts of interest with suppliers, vendors, and customers.
* Antitrust contact with competitors: Global companies recognize the importance of educating executives, frequently those in sales and marketing, about not engaging in practices that could reduce competition or consumer choice.
Healthcare and consumer discretionary markets were among the leading industries addressing outward-focused ethics and compliance risks through organized compliance & ethics risk reduction programs. Product safety & liability was the greatest concern of consumer discretionary companies, while conflicts of interest & gifts was most important in the healthcare industry.
Inward-focused compliance concerns addressing the protection of corporate assets and reputation dropped to the bottom of this year’s list. These concerns include: Careful Communications, Information Security and Financial Integrity which rank 10th, 11th, and 12th, respectively on the 2009 list. Financial Integrity experienced the most significant drop, falling from 7th place in 2008 to 12th in 2009. This is likely the result of an increased focus on the potential damage to outside stakeholders, for instance, vendors in the supply chain.
Integrity analyzed the course-completion records of more than three million employees at over 300 companies worldwide who have taken Integrity’s online compliance training since January, 2000. Companies surveyed operate globally and fall into three size categories: mid-sized (1,000 to 10,000 employees); large (10,000 to 90,000 employees); and very large (more than 90,000 employees).
The full 2009 Top 12 corporate ethics and compliance concerns:
1. Anti-Bribery Requirements
2. Conflicts of Interest & Gifts
3. Antitrust Contact with Competitors
4. Mutual Respect
5. Records Management
6. Product Safety & Liability
8. Proper Use of Computers
9. Export Controls
10. Careful Communication
11. Information Security
12. Financial Integrity
The complete version of Integrity’s 2009 Corporate Ethics & Compliance Study is available for no charge by emailing firstname.lastname@example.org. This full-text version of the report includes: a complete listing of the Top 12 compliance-training courses for 2009 for all companies surveyed; Top 12 lists for very large, large, and mid-sized companies; Top 5 Concerns by Industry; and insight into emerging compliance risk-management trends and developments.
Source: BUSINESS WIRE
Register or login for access to this item and much more
All Digital Insurance content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access