They reported that Corpedia’s holistic approach was the only one of its kind to meet all the needs and concerns the client had from the perspective of measuring compliance risk and assessing their compliance program.
Food and Consumer
- Operates in 70+ countries
- More than 21,000 employees
- 20% percent of employees online
- Small compliance department
Fully Assessing Risk After a Complete Compliance Program Revamp
The client has international operations, and with these operations, several points of potential risk. Working in the food consumer products industry, the organization has a keen interest in preserving its good name. In collaboration with Corpedia, the organization launched a compliance risk assessment that not only identified areas that have improved over time, but also areas in need of further assistance and growth.
In light of the recent focus on anti-corruption and previous organizational pain points in this area, the client had worked internally to revamp their existing compliance program including a risk assessment and creation of an anti-corruption policy. Thereafter, the client wanted to ensure that they were in alignment with industry best practices as well as the U.S. Federal Sentencing Guidelines (FSG). The client felt that not only would a third party be valuable from an FSG benchmarking standpoint, but for an external, unbiased perspective and stamp of approval.
This is best practices guidance. The updated guidance to the FSG states….
After issuing an RFP to several organizations, including the more “typical” organizations for enterprise risk management and assessment, they reported that Corpedia’s holistic approach was the only one of its kind to meet all the needs and concerns the client had from the perspective of measuring compliance risk and assessing their compliance program.
Corpedia thoroughly reviewed the following types of information:
- Employee cultural perspective
- Employee knowledge awareness
- Senior management compliance input
- Compliance program assessment
- U.S. Federal Sentencing Guideline and peer benchmarking
- Key compliance personnel interviews
Due to the large employee population without email or online access, the client needed a unique solution to reach this employee audience. Corpedia simplified the survey language to speak to a broader audience. Then the surveys were translated, printed and shipped to various locations with off-line employees. The surveys were distributed to employees in various methods that worked best for each location, then sealed in envelopes and shipped back to Corpedia’s headquarters where they were manually entered into the survey system so all participating employees could be a part of the information gathering process and ultimately, the results.
In addition, Corpedia did a thorough assessment of the client’s compliance program and spoke to key personnel who either worked in compliance, or had a day to day responsibility for an aspect of compliance. Putting all of this information together, Corpedia’s analysts were able to create a unique compliance risk universe along with a report detailing findings and recommendations for mitigation of risk and compliance program improvements.
Compliance program analysis of the client’s policies, training, communications, prior internal investigations and so forth provided reassurance by recognizing where they had succeeded during their internal program revamp. The client now has a more clear understanding of their organizational risks and has worked this into a roadmap for current and future improvements based on the prioritization of risks and Corpedia’s recommendations.
What’s more, they have engaged resources from multiple departments including compliance, legal, audit, HR and other divisions that play a key role to inform the compliance team and also to set the tone internally. By making this a multidisciplinary effort throughout the organization, this increases the internal buy-in and motivation to improve compliance efforts.
Additionally, the report provided at the conclusion of the risk assessment and overall compliance program review has been presented to the management team and the audit committee from a high level to convey key points as to where the client is doing well, and where growth is necessary.
The compliance risk assessment has played a central role to educate leadership and compliance personnel on the level of priority and importance of ethics and compliance risks by providing a unique risk universe for the client. This has aided the client by helping the leadership to make more informed decisions on next steps for topic-based training, ethics and compliance program updates and targeted communication efforts to the employee population.
In the future, the client plans to implement improvements and revisit the compliance risk assessment process to measure ongoing growth and target emerging areas of risk or new areas of focus that may need organizational attention.
Compliance Risk Assessments
While not all compliance risks can be avoided, Corpedia’s Compliance Risk Assessment aims to help your organization identify, prioritize, and prevent organizational compliance risks and the threats they pose. Utilizing both quantitative and qualitative methodologies, Corpedia generates a comprehensive and objective picture of an organization’s exposure to compliance risks. The end result is a clear…Learn more about Compliance Risk Assessments
As global organizations continue to seek growth in new and developing markets where bribery and other forms of corruption present the highest risks, accurately measuring and managing these risks and assessing the effectiveness of your current anti-corruption and compliance programs will help in mitigating the threats they pose. Coupled with anti-corruption and anti-bribery regulations in…Learn more about Anti-Corruption Solutions
Program Oversight and Benchmarking
Under the U.S. Federal Sentencing Guidelines (FSG), an organization can be held criminally responsible and prosecuted for acts committed by employees based on the quality (or lack) of the organization’s efforts to prevent unethical behavior. Guideline §8B2.1 requires regular monitoring and auditing of your program, as well as your compliance risks and the periodic evaluation…Learn more about Program Oversight and Benchmarking
Compliance Risk Assessment Process Diagnostic
An effective compliance risk assessment is a critical foundation of any compliance program. While risk cannot always be prevented, it can be managed and mitigated. Therefore, effective risk assessments drive both immediate and multi-year compliance and ethics program plans and priorities. The Risk Assessment Process Diagnostic helps organizations determine how effective their risk assessment process…View Details
2010 ACC/Corpedia Compliance Program and Risk Assessment Benchmarking Survey
The Association of Corporate Counsel (ACC) and Corpedia Corporation (Corpedia) jointly administered the biennial Compliance Program and Risk Assessment Benchmarking Survey during November and December of 2009. The results were analyzed and reported on in 2010. Some Key Findings: More organizations are communicating with their Board on compliance-related issues, yet fewer are training their Board…View Details