Business leaders form ethics organization.

• Author: Swartz, Nikki
• Position: Up front: news, trends & analysis

In light of recent scandals that have plagued corporate America and revelations about morally repugnant business leaders who have laid off employees even while they have charged thousand-dollar shower curtains to the company expense account, perhaps some ethics guidelines are in order. In fact, most organizations could probably use an enterprise-wide roadmap that addresses ethics and corporate governance issues.

At least that's the thinking behind the Open Compliance & Ethics Group Project (OCEG), a newly formed coalition of some of the United States' most-recognized business and thought leaders. OCEG is comprised of industry leaders representing various corporate disciplines and intends to publish recommended standards and best practices to help U.S. businesses reduce corporate and investor risk. According to the coalition, such a universal framework to address company-wide issues, such as ethics training and financial assistance, is necessary to help businesses reduce corporate and investor risk. The foundation for this framework will address important issues such as business ethics, financial assurance, and employment practices, and has been supplied by Corpedia Education, a Web-based legal compliance training organization.

"In light of increased regulation, heightened investor scrutiny, and the changing landscape of risk, many corporations are seeking to implement ethics and compliance education programs to achieve effective corporate governance," said Ray J. Groves, co-chairman of OCEG and chief operating officer of Marsh Inc., a major risk and insurance services firm. "Yet, currently there is no universal framework that can guide organizations on how to implement such programs...