RANE Releases Results of 2018 Compliance Survey
Highlights gap between importance and ratings of factors contributing to a positive corporate culture
New York, October 16, 2018 (GLOBE NEWSWIRE) — RANE (Risk Assistance Network + Exchange) today announced the results of the 2018 RANE Compliance Survey with a full report now available for download.
The 2018 RANE Compliance Survey was designed to gauge perceptions of how important specific compliance and culture elements are to developing an effective compliance program, and measure how well their companies are aligning themselves to these rankings.
The results of the survey suggest there is a divide between what companies perceive to be important and how they rate their corporate culture on these factors.
Highlights of the report include:
- “Conduct at the top,” “corporate culture,” and “open lines of communication” were the factors that were ranked most important for contributing to an effective compliance program.
- “Incentives and disciplinary measures,” “identifying and evaluating third party risks,” and “funding for compliance functions” were the areas that showed the greatest need for improvement.
- While each factor in the survey received a greater average importance score in comparison to the average rating assigned by respondents, the greatest difference was in the importance of corporate culture and its effectiveness in practice.
- The factors rated most important for contributing to a positive corporate culture were “leadership integrity,” “a high regard for integrity/ethics,” and “trust in leadership.”
- Among factors contributing to a positive corporate culture, “employees feeling that they can speak up,” “incentives and disciplinary measures,” and “transparency in decision making” were rated as least effective within their companies by respondents.
- The culture factors with the greatest divergence between importance ranking and respondent ratings were: “trust in leadership,” “employees feeling they can voice their ideas and concerns,” and “transparency in decision-making from the top.”
“The survey highlights that leadership integrity is a key factor in both creating a positive corporate culture and contributing to an effective compliance program,” commented Serina Vash, Executive Director, GRC at RANE. “Confidence in leadership and management matters – both in assuring that compliance with laws and regulations is a priority and in measuring employee satisfaction, engagement, and success. A lack of this confidence can pose significant operational, reputational, financial, and human resource risk.”
The full report of the RANE 2018 Compliance Survey includes best practices from experts in the RANE Network for companies looking to create a culture of integrity and ways to assess their priorities and align their internal initiatives accordingly. The report is downloadable as a PDF and is complimentary with registration at https://go.ranenetwork.com/2018ComplianceSurvey.
RANE (Risk Assistance Network + Exchange) is an information and advisory services company that connects business leaders to critical risk insights and expertise, enabling risk professionals to make more informed decisions and more efficiently manage complex risk. RANE provides access to, collaboration with, and unique insights from a global network of credentialed risk experts. Through curated network intelligence, risk news monitoring, in-house analysts and subject matter experts, and collaborative knowledge-sharing events, RANE helps subscribers get the information and expertise they need to address their most pressing risk challenges. RANE has offices in New York, NY, Boston, MA, and Washington, DC. Learn more at www.ranenetwork.com.