HOW RELATIONSHIPS SHAPE COMPLIANCE CULTURE
During times of change, such as when implementing new compliance strategies, guidelines, procedures or teams, compliance is often not regarded as a true, effective business partner. Even today, compliance is regarded as an administrative, authoritarian body that must be complied with for a variety of reasons. Compliance departments are still seen as a hinderance, slowing down the company’s pursuit of success. In short, there is a great deal of confusion regarding what in-house compliance is, what it represents, its overall purpose and the direct and indirect protection it provides to all employees, especially managers and senior leadership, and to the company’s future.
Of course, there are many examples of companies that are ahead of the curve in this regard, which have been able to truly embed compliance into their company culture and regard the compliance department as a trusted business partner. In these companies, even when defining a candidate profile for a role, there will be a compliance component to ensure that only candidates who share the company’s values are hired.
In any case, there is always scope to improve the standing of the compliance department as a true and reliable business partner.
There are, of course, many challenges to overcome in succeeding to embed compliance into company culture and to expand its reach. Tone from the top, HR alignment and so many other factors are crucial in this journey, but the relationships we can create with colleagues in general and the most relevant stakeholders in particular are a sine qua non condition for success.
Jul-Sep 2024 Issue
Arthrex Inc