University of Minnesota - UMN Executive Leadership Insights
The Hidden Value in Getting Compliance Right
Article

The Hidden Value in Getting Compliance Right

Andrew McPherson, Bob Pethick and Chris Kong
Strategy+business, 2020
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Editorial Rating

8

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Recommendation

Companies have long understood the value of robust compliance. However, some CEOs are finding the growing volume, scope and complexity of regulation increasingly burdensome, and many are choosing to toe the line at the bare minimum. This upbeat perspective from consultants Andrew McPherson, Bob Pethick and Chris Kong sketches the new face of compliance, which harnesses its processes in the service of customers, employees and profits. Compliance officers and staff will find this a useful guide to a crucial corporate function.

Summary

Good compliance practices can lead an organization successfully through uncertainty.

Clients and employees alike need to have faith in the ability of a company’s leaders to make sound decisions, manage uncertainty and navigate crises. Doing so within the confines of the law is essential. Good compliance measures can help a firm develop that confidence among its stakeholders while creating a more effective organization.

Critical compliance lapses can inflict irreparable reputational and financial damage on an enterprise. In contrast, firms that prevail, especially in troubled times, foster and maintain customer loyalty to their products and services while protecting the bottom line...

About the Authors

Andrew McPherson and Chris Kong are partners at PricewaterhouseCoopers, where Bob Pethick is a principal.

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