Every company must decide where to set the bar for its compliance program. Is yours ready?
The struggle to balance anti-bribery and corruption procedures with the demands of running a successful business was clear when we interviewed over 600 chief compliance officers (CCOs) and heads of legal or equivalent at the world's largest multinational companies.
With 138 respondents from the Energy, Minerals, and Resources sector, our report, Steering the Course, highlights that the sector is one of the most transparent, with less than half (41 percent) of compliance teams believing important operations and parts of the business are hidden from them, compared to 63 percent in the technology, media and telecommunications (TMT) sector, and 62 percent in the transport sector. However, it remains an industry where profit over prevention is rife: 59 percent of CCOs say people in their companies fear losing their jobs if they miss a target, and 48 percent attest that their CEOs are not prepared to walk away from a contract if there is a risk of bribery and corruption. This is hardly surprising in an industry where, according to our findings, 62 percent of CCOs do not report directly to the CEO.
As regulators around the world are becoming more proactive in tackling corruption and in co-operating with each other, and regulatory pressure is generally increasing globally (a feeling shared by 71 percent of respondents) regulatory guidelines don't help 43 percent of CCOs ascertain the legal level of compliance. Energy companies are tackling the problem head-on and putting in place robust AB&C compliance programs to arm themselves against these challenges. How does your company compare? To help you benchmark against what others are saying in your market, read our report, and take our mini compliance quiz for a quick health check of your compliance program, through 13 multiple-choice questions. And for a more thorough assessment, you can request our compliance guide: this benchmarking model explores what makes for a basic, intermediate, or advanced compliance program.