It is very common for regulators, CEOs and senior compliance executives to talk about 'tone from the top' and the need to communicate effectively within organisations to support a culture of compliance. However, good communication is necessary but not sufficient. We have explored what else is required, in practice, to deliver a sound culture of compliance in our short, actionable white paper.
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Shaping culture through actions not words
To avoid the problems that a weak culture of compliance can lead to, such as reputational damage, loss of market share, and punitive fines imposed by regulators and law enforcement, companies need to demonstrate that their compliance program is more than words on paper. They need to live it through their culture. As the U.S. Department of Justice states in its guidance on corporate compliance programs, a company needs to, “create and foster a culture of ethics and compliance with the law at all levels of the company,” which requires a “high-level commitment by company leadership to implement a culture of compliance from the middle and the top.”