Recently the CCO of a major financial institution was telling me how his principal regulators now insist upon seeing compliance metrics. The regulators demand quantitative evidence that the firm makes good on its commitment to compliance. So the firm produces a stack of documents -- “dashboards,” “heatmaps,” “scorecards,” “KRIs,” “KPIs,” and so on.
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Compliance professionals often ask me how they can better communicate with their front-line teams. I usually respond, “Bring them in, ask them about the real risks they face, and the more upset you are by what you hear, the better that conversation is going.”
A new survey of general counsels and compliance officers found that 30% of companies in North America, Europe, and Asia stopped doing business with a partner because of corruption risks.