What Organizations Have Learned From Incorporating Ethics & Compliance Into Enterprise Risk Management (ERM)
ERC Research Series: Series 1
From Enterprise Risk Management: Why the Ethics and Compliance Function Adds Value
Lessons from Incorporating Ethics and Compliance
- Incorporating the Ethics and Compliance (E&C) function can help transform ERM from a regulatory process into a strategic process
- Assuring follow up and mitigation actions is essential for ERM to have credibility
- Effective document management and protection is key for preventing ERM from creating additional risk for the organization
- Using tools and processes that are already embedded in the organization when doing ERM helps to sustain the changes that are driven by ERM
- The “risk appetite” of different organizations varies widely according to the culture
- Leadership and culture can both reduce and exacerbate risk
- The skills and competencies of the internal E&C function can reduce the organization’s reliance on external resources for conducting ERM, and reduce cost
- Establishing accountability for mitigating the risks that are identified is essential for success
- The E&C function can bring a coherent and integrated understanding of the overall risk profile of an organization
- Formalizing ERM responsibilities in job descriptions and performance reviews helps to sustain the work overtime
- The E&C function has strong capabilities to work effectively across departments and business units
- ERM needs to respond to the organization’s culture, and it can also change that culture
ERC now offers federal agencies GSA contracts, contact us for more information.
If You Are Interested in Participating Please Contact Us For More Information:
Moira McGinty Klos
Participating companies have the opportunity to conduct an employee survey using ERC’s metrics in order to better understand the impact of ethics and compliance programs, measure ethical culture strength, and compare against peer organizations.
Get Email Updates
Subscribe to receive periodic updates from ERC. Join our email list.
ERC President Pat Harned launches new blog; she welcomes discussion on ethics issues facing American workers and executives. Check out the blog!
Connect with ERC
ERC's Benchmarking Services
ERC's team can help you design and administer an ethics survey to fit your organization.