How confident are you in your company’s internal anticorruption, ethics and compliance programs?
That’s one of the probing questions put to 300 U.S. public company directors across a wide variety of industries in a new study conducted by Corporate Board Member in partnership with FTI Consulting. Findings from the 19th annual edition of the Law in the Boardroom study show eroding confidence in internal ethics and compliance programs among respondents. Only 35 percent reported feeling “very confident” compared to 46 percent a year ago.
What’s driving that 11 percent drop? Most likely it is the increasingly complex regulations and legislation faced by today’s organizations, which target an array of new risks that need to be addressed by corporate compliance and oversight. The study’s results on current inadequacies signal a warning to governing directors and legal advisors that the rapidly shifting environment may pose a challenge to their established policies. When regulatory enforcement is becoming increasingly commonplace, complex and costly, it’s time to act. But how?
To dive deeper into the findings, see the full “Confidence in Compliance” study.