In 2012, the U.S. Securities and Exchange Commission and the U.S. Department of Justice released new standards for ethics and compliance in their joint guidance on Foreign Corrupt Practices Act enforcement [PDF]. This step came at a time when many companies were becoming more concerned about heightened regulation and enforcement. A new report evaluates how businesses are doing in the ethics and compliance (E&C) realm, concluding that although there have been big strides made to build corporate cultures of compliance, progress is still uneven.
The “2014 Ethics and Compliance Program Effectiveness Report,” released on Monday by culture and ethics advisory firm LRN, shows that although companies have made initial progress on the more basic hallmarks laid out by the SEC and DOJ, many still haven’t made substantial progress on all of the goals. The report also goes beyond these government-made hallmarks, demonstrating that areas such as buy-in from middle management, the setup of E&C reporting, and careful assessment of E&C programs are correlated to success.
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