In an increasingly complex legal and regulatory environment – with overlapping regional and multilateral conventions, national and international laws, standards and guidance - as well as tougher penalties, corruption risk has become a major issue for companies, particularly given the financial and reputational damage it can cause.
Operating in a rapidly changing economic and regulatory environment, organizations must be prepared to face a myriad of risks and challenges. Good governance is essential for an organization's long-term survival – but what does it look like? There are no simple solutions but defining an appropriate approach to governance is fundamental in order to ensure favorable outcomes for society, businesses and shareholders alike.
“Companies have a responsibility to respect human rights, which means to act with due diligence to avoid infringing on the rights of others”
UN Global Compact on Corporate Responsibility and Human Rights Report, 2009.
Increased media scrutiny and shareholder activism means that companies can no longer turn a blind eye to the human rights risks and impacts that arise from their operations. Stakeholders, shareholders, NGOs and CSOs seek two things in this new, spot lit-reality: transparency and accountability.
As business has become more and more dependent on information systems, the evolution of technology has created an environment which brings a whole new series of sophisticated and complex risks and opportunities. Preparation and planning for a potential threat is more critical than ever before. Organizations should maintain a cyber security incident plan in order to limit damage not only in financial terms but also in potential loss of reputation.