Read this press clipping from 12 October: ‘TOKYO — The chief executive of Kobe Steel warned on Thursday that more quality data about the company’s products may have been falsified than has previously been disclosed, suggesting that fallout could widen further from a scandal that has already affected hundreds of companies worldwide.
We are reviewing data, including from overseas. It is possible that there could be more cases of wrongdoing,” the executive, Hiroya Kawasaki, told reporters. He added, “Trust in our company has fallen to zero.
Mr. Kawasaki said it could take Kobe Steel two weeks to complete a review of its records to determine the full extent of the data falsification and decide whether any of the improperly certified products it shipped to customers presented a safety hazard. Makers of cars, airplanes and trains use metal from Kobe Steel, making such a safety assessment imperative.”
The answer can only be YES. Quality control is only one area, data protection, cybersecurity, anti-corruption etc., are other areas that need compliance management. Of course, the compliance managers must not report to the management, they must report to the Board of Directors which must have independent board members.
You need to manage risk across all parts of your company, so that at any given time, your business incurs just enough of the right kinds of risk—no more, no less—to effectively pursue strategic goals.
Let’s look at a few features of a compliance management system: Features:
Manage policies, training, due diligence, communication, approvals, investigations and reporting all in one place;
Combine time-consuming compliance tasks into simple, automated workflows;
Get a 360-degree view of your entire compliance program from one, easy-to-use dashboard – in real time.
Bring everything together
Because everything is integrated, the system makes it easy to manage your entire compliance program in one place. Integration means everything is more effective.
Save time and frustration
Combine time-consuming compliance tasks into simple, automated campaigns. Frustrating processes like getting employees to sign policies or complete training now take minutes, not weeks.
Get real compliance experts
You need compliance experts, covering the fields mentioned above. For instance, the National Privacy Commission has advised all companies that they have to have Data Protection Officers in your companies since 9 Sept. THIS YEAR. Have you complied? If not, you may easily get into trouble – and trouble means criminal liabilities.
Once you have a good compliance management system in place, you can sleep better, you will have no more worries about coordinating the many pieces of your compliance programs.
From employee training to third-party due diligence, the management system brings your compliance and all its data together in one place. The result: Less hassle, lower risk, and total visibility into the information you care about in one place.
In conclusion, reporting and monitoring are indispensable processes for an effective compliance program. For assistance, you can email schumacher@integrityinitiative.com.