Companies with global operations must globalize their compliance risk-management programs. The step is no longer optional. Here’s some good news however: globalizing your company’s compliance program can be easier than most senior operating executives imagine (and substantially easier than many compliance and legal advisors will admit).
Sure, globalizing your compliance and ethics program has its challenges. Company directors and senior operating executives are trained to spot risk and anticipate failure. Literature on the subject is daunting: you’ll face challenges with culture… you’ll struggle with languages… you’ll never get a handle on employee records…technological standards and platforms vary wildly from region to region. If you listen to the professional chatter and conventional wisdom on the subject of global compliance, you’ll never get started in the first place.
There is a better way. Company directors should not be defeatist when it comes to globalizing compliance risk-management programs. Directors can and should encourage their operating executives and legal advisors to turn this big problem into a small one. Directors can help operating teams let go of their fears, and concentrate instead on getting the fundamentals right. Your company might not solve every challenge when globalizing its compliance effort, but if it sticks to the basics, it will be miles ahead of the competition.
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