What Is an Ethics and Compliance Program?
Organizations work hard to build and sustain a healthy corporate culture. To this end, organizations develop many policies they expect employees to comply with. These policies can include anything from training documentation to codes of ethics. Ultimately, the policies and procedures organizations create exist to align operational activities and behavior with overall strategic goals.
Corporate ethics and compliance programs help companies ensure internal codes, policies, and procedures are being met. A compliance and ethics program supports an organization’s business objectives, identifies the boundaries of legal and ethical behavior, and establishes a system to alert management when the organization is getting close to crossing a set boundary.
What Does a Successful Ethics and Compliance Program Look Like?
Compliance and ethics programs with regulatory requirements and the organization’s own policies are a critical component of enterprise risk management.
Designing an effective corporate compliance and ethics program requires implementing a detailed plan that will make sure the business achieves their ethics objectives. The organization must have ways of managing, evaluating, and controlling issues of ethical and regulatory compliance.
According to Business Ethics: Ethical Decision Making and Cases by O.C. Ferrell and John Fraedrich, there are five items which can have an impact on the success of the compliance and ethics program:
- The content of the company’s code of ethics
- The frequency of communication regarding the ethical code and program
- The quality of communication
- Senior management’s ability to successfully incorporate ethics into the organization
- Local management’s ability to do the same
LogicManager’s corporate ethics and compliance software empower companies to enhance each of these items and achieve greater success with their program.
How Can LogicManager Improve Your Ethics and Compliance Program?
LogicManager’s integrated compliance and incident management solutions drastically enhance the frequency and quality of communication as organizations work to achieve ethical compliance. Our corporate compliance and ethics software is designed to break down silos between departments and across levels to help executives, senior management, and process owners operationalize policies.
- House corporate policies in one centralized repository with LogicManager’s policy library
- Enable online incident reporting with pre-built, customizable incident forms
- Collect accurate, relevant information with standardized information fields
- Create relationships between incidents, policies, departments, and more to identify and remediate trends
- Assign ownership and create automated workflows, reminders, and tasks to ensure follow-up
- Maintain accurate and centralized audit trails with LogicManager’s document management system
Already a LogicManager customer? Contact your business analysts to activate LogicManager’s ethical compliance software!