The Network in the News

GRC 101

November 02 2010

Managers who embezzle. Employees who bypass government safety regulations. Financial audits that fail to uncover fraud or wasteful spending.

They’re all modern hazards of doing business, and they’re all preventable.

To guard against unethical behavior, conform to government and industry regulations and otherwise stay on the straight and narrow, more mid-size companies are using governance, risk and compliance, or GRC, programs.

The uptick is helping worldwide sales of GRC and other operational risk technologies grow 6 percent a year, with total revenue expected to reach $2 billion by 2013, according to Chartis Research, a U.K. industry researcher.

But company executives and industry experts say GRC is more than just technology, encompassing the policies, processes and controls a company needs to make…

Data Shows Employee Fraud Incident Reports Declining

October 20 2010

A reminder to compliance executives that it might be a good time to check what’s going on with your firm’s reporting hotline, if you haven’t done so lately: Recent data shows fraud incident reporting by employees is on the decline.

Following a surge of in-house fraud reporting last year, fraud incident reports have returned to nearly the same levels as second quarter of 2008, according to data from the Quarterly Corporate Fraud Index analyzed by The Network Inc. and BDO Consulting.

Fraud-related incidents, including reports on corruption and fraud, misuse of assets, conflicts of interest and Foreign Corrupt Practices Act violations, accounted for 19.6 percent of compliance reporting activity by employees in more than 1,000 organizations worldwide during the second quarter 2010, according to data…

The Latest Training Techniques to Engage a Generation Y Workforce

October 10 2010

Today’s workforce is classified into three main categories: Baby Boomers, Generation X, and Generation Y. As the newest members to the workforce, Generation Y employees, also called Millennials, bring a differing mindset and workplace attitude not found within the previous two groups. The factors that motivate them and increase their level of engagement are unique. Generation Y employees require fresh and interactive training methods to bring them into and maintain a corporation’s ethical culture.

The successful assimilation of your workforce into a corporation’s ethical culture and compliance program is a key element to an organization’s success. It affects everything including company morale, the organization’s development into an employer of choice and, most importantly, the bottom line. According to a National Business Ethics Survey, a strong…

Yahoo Takes New ‘Road’ on Ethics Training

October 09 2010

A tailored training package replaces one seen as too middle-American and middle-aged for a multinational company with a youthful workforce.

Until a couple years ago, Yahoo used an off-the-shelf online training package to infuse employees with the ethics and compliance knowledge that would keep the company out of trouble with the law—or the court of public opinion. But no more.

No single incident or issue led to the company’s decision to change how it trains on ethics matters, says David Farrell, who became chief compliance officer at the firm about two and a half years ago. But feedback over time from employees showed the training did not resonate with them.

The scenarios used to demonstrate different concepts did not resemble those that might arise…

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IN THE NEWS

Strengthening Security Through Compliance

Security measures are essential for protecting people, assets and information, and compliance makes sure those measures are effective. A healthy compliance program will bolster your security measures and find weaknesses before they become problems.