Making sure that your organization is compliant with the many rules and regulations placed on your industry is becoming increasingly important. As more companies begin to understand the importance of compliance, it has started to have a bigger presence in the boardroom. More and more frequently we are starting to see Chief Compliance and Ethics Officers be included in senior-level discussions about corporate strategy.
According to The Wall Street Journal, a survey conducted by the Ethisphere Institute of 335 senior-level executives worldwide who are involved in their organization's compliance, ethics and anti-corruption programs determined that 49% said they are almost always involved in strategic decisions. This may not seem like much but that number is up by 39% since 2015, two years ago. Furthermore, 47% say that they've spook to the CEO at least once a month and 75% say that they are tasked with designing audits, reviewing results, attending human resources training, and incorporating compliance-based questions into internal employee surveys.
The survey reviewed by WSJ is proof that compliance is a global trend. Ensuring that you have a qualified compliance and/or ethics officer to review how your company conducts business should be a top priority. The last thing that any business owner wants is an audit from the government because they were acting outside of the law without knowing. Compliance and ethics officers focus on keeping all ethics and compliance data in one place, making better use of analytics, visualization and other tools to identify leading indicators that can reduce the number of incidents that occur.
There are thousands of regulations that CECOs are in charge of managing, so how can they keep track of everything? There are a few cloud-based compliance solutions out there that provide CECOs the tools necessary to complete their job and ensure that their organization is compliant with the law.