Despite hundreds of millions of dollars in spend and huge hiring increases, firms have yet to figure out how to manage compliance effectively. In this article from the Harvard Business Review, the authors argue that the problem lies not with the compliance tools being deployed but rather with the lack of effective measurement tools. Firms simply lack the necessary tools to know what works and what does not.
Certainly firm leaders attempt to signal commitment to compliance through pronouncements from above. Efforts to establish a ‘tone from the top’ will only go so far – particularly when the tone from the middle is that general employees lack trust in senior management and are reluctant to speak out from a belief that whistle-blowers face retaliation.
With greater and greater scrutiny place on compliance programs, those that can not show meaningful results will fail to meet the stronger regulatory standards being applied today.
Read the article: Why Compliance Programs Fail