Governance: ethics programs need work, Deloitte finds.
Author | Marshall, Jeffrey |
Position | BusinessBriefs |
Research from Deloitte & Touche LLP finds that while most companies have taken the initial steps toward establishing a code of ethics, a limited number are actively monitoring adherence to the programs. Drawing from a detailed questionnaire sent to 5,000 directors of the top 4,000 publicly traded companies, Deloitte determined that 83 percent of responding firms have established formal codes of ethics and conduct, yet 25 percent are not actively monitoring compliance.
Further slippage can be seen in the allocation of resources to ethics activities. Only 55 percent said their company had an ethics officer (either full- or part-time). However, more than 95 percent of companies said their code of ethics applied to every member of their organization, including senior management and board members.
"Our data shows that there are several business and operational challenges facing many companies who are working towards implementing ethics and compliance programs," said Sherrie McAvoy, National Director of Corporate Compliance and Ethics Consulting at Deloitte. "We believe that these challenges are not insurmountable, and that corporate ethics initiatives will continue to gain momentum."
According to the survey, the following issues are among those affecting the implementation and sustainability of successful ethics and compliance programs:
* Communication -- Slightly more than half of the respondents address ethics and compliance issues with their board only when failure happens. At that point, the board is forced to react to failures rather than mitigate...
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