The announced intentions of an organization may be clear: policies and codes of conduct are in place, and senior leaders demonstrate commitment via formal and informal communications. Yet, recent high- profile scandals at major corporations show that aberrational conduct by executives has persisted and gone unnoticed for long periods of time.
When the misconduct finally surfaced publicly, expensive investigations have ensued, fines have mounted and individuals have been prosecuted, while market capitalizations have declined. To close the gap between intent and reality, organizations should focus their efforts on improving the effectiveness of their compliance programs by assessing the corporate culture, controls and governance from an integrity perspective, leveraging new technologies to provide better data insights.
The importance of integrity
Integrity is the cornerstone to success. The results from our most recent Global Fraud Survey suggest that the benefits of demonstrating organizational integrity go beyond the avoidance of fines and can actually improve business performance. Survey respondents felt that customer perception, public perception, recruitment and retention of employees were deemed more important benefits than avoiding scrutiny and penalties.