This month, Compliance Week and the Open Compliance and Ethics Group present the latest installment of our regular series, “GRC Illustrated.” The interactive series—which features visual representations of key governance, risk, and compliance initiatives—is intended to help readers understand how to put principles into practice (Click here for information on the series). In this month’s entry, GRC Illustrated explores the necessity of having company-wide compliance programs in place to conduct business ethically and in compliance with regulatory and requirements. Here’s how:
Today more than ever, incidences of ethical misconduct or legal noncompliance can result in “bet the company” outcomes. In the current environment, it is especially important to implement and review governance, risk and compliance processes to ensure business is conducted within both mandated (laws, regulations) and voluntary (values, brand) boundaries. That said, most companies are not in the compliance business. Their work is focused on providing goods or services to their customers and delivering shareholder value. Compliance may be considered more of a nuisance than a priority—and it is often addressed with less rigor than other business processes.
