Investigations of corruption, bribery, fraud and money laundering are increasing while laws and regulations are being enacted or strengthened around the world—even in countries once presumed to be lax—with greater frequency, broader territorial reach and stiffer penalties for violators. Moreover, corporations are now being held accountable, not simply for their own conduct, but for the conduct of third parties with whom they contract.
What does this mean for leaders of manufacturing companies? It means addressing three aspects of corporate ethics and compliance that are critical for success in today’s global marketplace:
- Establishing and actively promoting a culture of integrity that is evident in every aspect of your company.
- Ensuring your company has adequate policies and processes in place to manage ethics and compliance risks.
- Understanding the extent to which you are accountable for the behavior of your business partners and preparing yourself accordingly.
Read more about creating a culture of integrity on IndustryWeek.
IndustryWeek is an NED companion site within Penton’s Manufaturing and Supply Chain Group.