Corruption Crime & Compliance LRN's Latest Report Underscores Importance of Ethical Culture and Values-Based Leadership
Apr 29, 2024
13:11
LRN continues to set the standard for ethics and compliance program research. Volkov Law is a supporter of, and advocate for, LRN’s research because it has consistently confirmed what we all know and believe - ethical companies perform better in the marketplace over the long run. It is an intuitive fact that employees respond better to values-based leadership than a rules-based environment and culture. Volkov Law is committed to that mission with our clients, colleagues, partners, and thought leadership.
In this Episode Michael Volkov discusses LRN's latest PEI Report, a copy of which can be obtained at https://lrn.com/resources/ethics-compliance-program-effectiveness-report
- LRN's 2024 Program Effectiveness Report highlights the importance of corporate values, culture, and accountability in mitigating risks and maximizing financial performance.
- The report is based on a survey of over 1,400 ethics and compliance professionals from 19 countries and 26 industries.
- 60% of organizations now incorporate ethical behavior into performance management, hiring decisions, promotions, and bonuses to elevate ethical conduct incentives.
- Top priorities for 2024 include training content, measuring ethical culture, improving web-based compliance resources, internal controls, and audit and compliance monitoring plans.
- Companies are adapting compliance programs to include remote and hybrid employees post-COVID-19, reflecting changing workplace needs.
- Senior management engagement in risk mitigation controls and company values is crucial, with 52% of respondents confirming actions over words in fulfilling ethics and compliance responsibilities.
- Nearly two-thirds of respondents stated their boards actively address misconduct by senior executives or excellent performers, relying on values to ensure ethical behavior.
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