Broken Business by Hernandez José R.;Hernandez José R.;

Author:Hernandez, José R.;Hernandez, José R.; [Hernandez, José R.]
Language: eng
Format: epub
Publisher: John Wiley & Sons, Incorporated
Published: 2018-12-14T00:00:00+00:00

The measures undertaken were exceptional and they provide a good sense of the potential scope of remediation that may be necessary when serious misconduct is found to be pervasive throughout a major enterprise. Whatever actions need to be taken, they only comprise the first phase within a roadmap that ultimately leads to the ethical transformation of the company, an outcome characterized by sustainability, heightened vigilance, and continual improvement. This roadmap should be drafted and executed cooperatively by a cross-functional team with regular communication and progress monitoring to ensure that work is on schedule and that newly identified risks and investigative findings are captured. The status of the remediation and planning processes should be reported regularly to the Board of Directors (or Supervisory Board in a two-tiered Board structure).

Step 3 can be frustrating for corporate leaders because the feeling of operating in a chaotic, unpredictable environment persists as new information continually emerges from investigations. Some remedial actions consist of interim measures designed to stop misconduct immediately before putting more permanent compliance structures in place. Others directly lay the groundwork for Step 5, when you rebuild the ethics and compliance programme. Done correctly, the development of a comprehensive plan for remediation and recovery serves as the foundation for further system improvements and the next step in the journey.

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