MANAGEMENT ACCOUNTANTS AND CORPORATE CORPORATE COMPLIANCE

[...]many organizations continue to rely on the same core tools-hotlines, codes of conduct, and traditional training-despite evidence of their limited effectiveness. According to the Society for Human Resource Management (SHRM), a values-based culture is shaped by a clear set of ground rules establi...

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Bibliographic Details
Published in:Strategic finance (Montvale, N.J.) N.J.), 2022-12, Vol.104 (6), p.28-33
Main Authors: Pope, Kelly Richmond, Jiles, Loreal
Format: Magazinearticle
Language:English
Subjects:
Big Data
Compliance
Confidentiality
Data analysis
Decision making
Employees
Executives
Fraud prevention
Incentives
Integrated approach
Management accountants
Retention
Values
Whistleblowing
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Summary:[...]many organizations continue to rely on the same core tools-hotlines, codes of conduct, and traditional training-despite evidence of their limited effectiveness. According to the Society for Human Resource Management (SHRM), a values-based culture is shaped by a clear set of ground rules establishing a foundation and guiding principles for decision making and actions, along with a sense of community (bit.ly/3NAtjVH). According to the National Whistleblower Center, rewards for internal reporting are effective because " (1) they promote positive behavior by employees who witness wrongdoing, and (2) they create a deterrent effect within the market through large award payments" (bit.ly/3OPHEP2). Organizations with whistleblower programs that seek to incentivize individuals often provide high-quality tips that lead to successful enforcement actions. Since the inception of the U.S. Securities & Exchange Commission (SEC) whistleblower program in 2010, the SEC has recovered more than $2.5 billion in financial remedies from whistleblower tips (bit.ly/3zlhvBM).
ISSN:1524-833X