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Building Ethics, Compliance Risks Into ERM

Bonime-Blanc Andrea | October 31, 2006

In today’s world of daily and instantaneously communicated risks, crises and scandals related to ethics and compliance—or what we call “E&C” risks—it is no longer simply desirable for companies to have an E&C risk-management program: It is a business necessity. Indeed, it is increasingly crucial to have an E&C risk-management system that is integrated with a company’s enterprise risk-management system.

At Bertelsmann AG, the €17.9 billion global media company, we have engaged in such a holistic risk assessment and management process for a variety of sound business and legal reasons. Indeed, we began to conduct E&C risk management in the United States years ago even before the 2004 revisions to the U.S. Federal Sentencing Guidelines, which made it a legal requirement for companies in the United States to conduct periodic E&C risk assessments.

Thus, in addition to legal requirements, there are even stronger business...

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