Bridging the Gap Between Stated Values and Actual Behaviours: The Role of Compliance Solutions

 

Most, if not all, organisations profess a set of core values such as integrity, honesty, and fairness. They also commit to adhering to legal, regulatory, and ethical standards. However, despite these proclamations, corporate scandals continue to surface, revealing a stark disconnect between what companies claim they stand for and what their people actually practice. 

A significant factor contributing to this gap is the lack of visibility by Boards and Management into how employees are actually behaving and adhering to these ethical standards, values, and compliance obligations. Simply stating that a company upholds certain ethical principles is not enough. Organisations must take proactive steps to ensure these values are truly integrated into their daily operations and that management has visibility of how the organisation goes about its business. For too long, organisations have relied upon out-dated and manual processes (think = spreadsheets and manila folders) and disparate IT systems (think= HRIS, risk registers, C drives) but as technology continues to advance at a rapid pace it is time for boards and executives to ask themselves: is there a better way? 

One effective approach to bridging this gap is the implementation of a comprehensive risk and compliance solution that brings together a range of different ethical, integrity, risk and compliance activities into one centralised place.  

Such a solution can provide real-time insights into the company’s adherence to its stated values and ethical standards. This is where  a solution such as Corethix (www.corethix.com), our proprietary conduct risk platform comes into play. 

Corethix was developed to solve precisely these issues and to ensure that boards and executives could rely on real time and updated information to understand how their organisation was operating in line with its stated ethical principles, values and compliance obligations.  

A solution like Corethix offers a robust platform that helps organisations monitor and assess the behaviour and compliance of their workforce and brings out-dated paper processes around policy management, certificate management and conflict of interest declarations into the 21st century.  

By leveraging advanced analytics and real-time data, Corethix enables management and boards to gain a clear understanding of how their company is conducting business and whether it meets the ethical standards it promotes. 

The benefits of implementing a solution like Corethix include: 

  • Enhanced Transparency: Corethix provides a transparent view of the organization’s compliance status, highlighting areas that require attention. 
  • Proactive Risk Management: By identifying potential risks early, Corethix allows organizations to address issues before they escalate into larger problems. 
  • Improved Accountability: With clear metrics and reporting, employees are held accountable for their actions, fostering a culture of integrity. 
  • Informed Decision-Making: Management and boards can make informed decisions based on accurate and up-to-date compliance data. 

In conclusion, while having a set of well-defined values and ethical principles is essential, it is equally important to ensure these standards are being met in practice. Implementing a solution like Corethix can provide the necessary visibility and control to bridge the gap between stated values and actual behaviours. By doing so, organisations can not only avoid scandals but also build a culture of trust and integrity that supports long-term success. 

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