S’pore companies lead global ethics and compliance

KUALA LUMPUR: LRN Corporation, leader in ethics and compliance (E&C) solutions, has released its Ethics & Compliance Programme Effectiveness Report, in conjunction with its 10th anniversary.

According to a statement, the report found that organisations in Singapore compare favourably to global counterparts on ethics and compliance.

LRN Chief Executive Officer, Kevin Michielsen said businesses globally are facing numerous challenges from a regulatory and technological perspective, and it is important that their E&C programmes anchor board members and employees alike to company values and missions.

“The more adaptable, organised and clearly communicated an E&C programme is, the more prepared a company is to face the everchanging industry and regulatory challenges that lie ahead,” he said.

Meanwhile, LRN director, advisory service solutions and lead author of the Singapore report, Eric Morehead said: “This year’s report shows that companies in Singapore are committed towards maintaining high E&C standards. They have taken action on ethical issues at a higher rate than worldwide peers and lead their global counterparts across several E&C metrics.”

The latest edition of the report has found that 90 per cent of organisations surveyed in Singapore reported making difficult decisions that were consistent with the organisation’s values in the past year, 20 per cent higher than the global and Asia Pacific (APAC) averages.

Further underscoring their commitment to E&C, especially in critical business decisions, 72 per cent indicated that their boards have actively modified or abandoned business initiatives based on compliance factors, also 20 per cent higher than the global and APAC averages.

Singapore organisations also significantly outperform global and APAC programmes in the implementation of incentives and disincentives for ethical behaviour, factoring these considerations into measuring management performance. — Bernama