Cookie cutters and regulatory compliance
Much focus is now on regtech and legal compliance. It should be a given that a business or any organization operates in a fashion which follows the law. It is the very bare minimum. Could it even be considered as a value? Imagine the statement by a top management “we are good and sustainable because we follow the law”. Meanwhile it is far from a given, especially in the context of operating in multiple jurisdictions. Additionally, companies today are expected to sign on to various policies, codes of conducts, ethics guidelines to an extent that can be overwhelming.
Dr. Foteini Papiri, PhD in Intellectual Property Law, with a long background from international business and free open source software including license compliance noted in a meeting with CredAbility this morning the ultimate importance of compliance against a “WANTED POSITION”.
This reflection fits extremely well with the growing attention to the reliability of sustainability reporting contents including how companies communicate their integrity compliance programs. Can you as a business assure the conformity of your communicated aspirations and actual modus operandi?
It also fits perfectly with the philosophy of an effective, value-creating management system. If your ambition is only not to break the law, it will be a challenge to set goals for business efficiency improvement and a achieve triple-bottom-line growth.
As part of the context risk assessment, any company needs to have an update understanding of key regulatory compliance. For sure, but also that not a given. Moreover, however, the company also needs to be able to demonstrate compliance to third party commitments including its own wanted position, and thereby manage trust. Do you have an updated overview of all contractual and policy commitments today?