“If we do not discipline ourselves, the world will do it for us.”
“It is not the work that's hard, it is the discipline.”
The golden rule is “Do not build for compliance; it is a suboptimal goal. Build for business excellence and build compliance into the business.” This is the secret to sustained growth. Much as engraving the importance of compliance in documents and talking about it from platforms is required, nothing works better than the actual demonstration of its effects. I will explore some of the top challenges that businesses face and share some practical suggestions that could address those challenges.
Challenge: Building Business Integrity into Organization's Fabric
Business integrity and ethics is nonnegotiable for firms that aim for healthy and sustained growth. Without a doubt this needs to be practiced religiously by the board and top management so that the required tone at the top is set for the rest of the organization to follow suit. Unfortunately, however, history has painfully proven that in most, if not all, cases the top management has either actively or passively been part of compliance breakdowns. Sometimes, even when greed is not the motive, a nonchalant attitude toward compliance, or a breakdown of simple checks and balances, have led to catastrophic situations. There are several examples of either of these discussed in Chapter 11.
In theory, business ...