The Network GRC Blog

For Executives, Compliance Risk Issues Can’t Be Forgotten

May 24 2013

by Lucy Skelton, CFO, The Network

For Executives, Compliance Risk Issues Can’t Be Forgotten

Operating as a CFO today can feel a lot like walking in a minefield. We face a lot of pressure, both internally and externally, and some CFOs have even reached their breaking point. The pressure to perform can – and sometimes does, unfortunately – detract from staying attuned to the organization’s compliance program.

I just read through Deloitte’s quarterly CFO Signals survey report for first quarter 2013, and it reports that most businesses are more focused on pursuing opportunities than on limiting risk. While new opportunities are necessary to keep the business healthy, we have to remember that…

“Not Me”: EMEA Fraud Survey Points Out the Need for Improved Anti-Corruption Policies

May 21 2013

by Jillian Heim, Marketing Coordinator, The Network

“Not Me”: EMEA Fraud Survey Points Out the Need for Improved Anti-Corruption Policies

If you read last Wednesday’s article in Compliance Week on Ernest & Young’s 2013 EMEA Fraud Survey you were probably appalled. Of the more than 3,000 top officials and managers polled, 57% believe that fraudlent behavior happens frequently in their home countries. However, only 26% acknowledge that corruption happens within their organizations. Whether this discrepancy means that only ethical companies participated in the survey, respondents were fearful of reporting corruption within their industries or some other influencer was in play, the fact remains that over half of participants site corruption and fraud as a common business occurence.…

A Well-Clothed Compliance Program for Defensibility

May 20 2013

by Cindy Knezevich, VP, Marketing Operations, The Network

A Well-Clothed Compliance Program for Defensibility

Wrongdoing and breaking the law may get you sanctions and a fine, but a great compliance program and taking responsibility for your actions can take the sting out of the bite. We saw it last year with Morgan Stanley, and the most recent example of the defensibility of compliance is clothing retailer Ralph Lauren.

A couple of weeks ago, Ralph Lauren settled U.S. regulatory and criminal claims that a subsidiary paid bribes to officials in Argentina from 2005 to 2009, violating the FCPA. The company reported the misconduct to regulators after discovering it in an internal review. Ralph Lauren…

Are Your Employee Communications Reaching Everyone?

May 16 2013

by Jillian Heim, Marketing Coordinator, The Network

Are Your Employee Communications Reaching Everyone?

A recent survey conducted by Tribe, Inc., of non-desk employees, confirms the need not only for implementing a Code of Conduct, but also for continued employee communications about that code. Survey findings revealed that employees regulary in the field or telecommuting to work are often left in the dark about company policies—nearly 75 percent reported that corporate communication regarding major changes was inadequate.

Many companies explain away the employee communication disconnect siting the disadvantage that non-desk employees are “moving-targets.” Direct supervisors are expected to inform and educate their non-desk workers, but 84 percent of workers surveyed…

Employees and Insider Information: Are They Using It for Insider Trading?

May 09 2013

by Julie Moriarty, General Manager, Training & Communications Strategy, The Network

Employees and Insider Information: Are They Using It for Insider Trading?

Increased insider trading enforcement efforts by the DOJ and SEC and high profile scandals have caused many ethics and compliance professionals to take a second look at their programs for preventing insider trading activity. One of the biggest challenges they face in implementing an effective program is making the issue relevant to the general workforce. While recent media attention on executives caught in insider trading scandals has heightened overall awareness of the issue, it may also have had the negative impact of making the general workforce feel removed from the risks they face in engaging in improper trading themselves.

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