Plenty of CEOs “check the box” on compliance. The drill goes something like this: Once a year, the CCO presents the written compliance plan at a board meeting or C-suite retreat. After scanning the checklist of do’s and don’ts, the CEO basically feels satisfied the bar has been met. Time to move on to the next agenda item.
But does checking the box truly protect the company from risk? Does it enhance its business or propel its growth strategy? The likes of Amazon, Apple and Dollar Shave Club have earned kudos for building cultures permeated by a sharp focus on customer service, right down to the smallest interaction. In the same way, regulated companies need to make sure that compliance permeates the organization. The benefits go beyond risk management: A true culture of compliance feels open and honest to everyone it touches; it leads to higher morale, easier recruiting and retention, happier customers and, ultimately, higher productivity. (If this sounds like an overstatement, imagine how it would feel to be at an outfit scandalized by endless sexual harassment claims or embroiled in accusations of “Enron accounting.”) Developing a culture of compliance requires effort, but the concepts are straightforward:
Source: DRJ New feed