Society enforces rules for children, citizens via laws and in the world of sports. The same applies to the business culture. Most of us would agree those in power need to “walk the walk” and set the tone, maintaining integrity and moral values.
Strong global brands, for example Coca Cola, have instituted a 50+ page official Code of Business Conduct document with a set of ethical principles to guide employees’ actions consistent with their company values. Companies don’t necessarily need a 50 page document, however, a concise policy involving what behavior is and is not accepted in the workplace is a good start and will help to reduce the time to detect fraud by 50%. This ethical code should be given to every employee who will be required to read and sign it. By setting expectations for new employees and every person in the company, a culture of “doing the right thing” will be set in motion.
Some ideas to help employees internalize the company philosophy and to deter fraud include:
- Creating an environment that nurtures the highest possible level of employee/company loyalty
- Maintaining a positive, team-oriented work environment with collaborative decision making
- Mandating fraud and ethics training for staff
- Implementing a confidential hotline to report unethical behavior without fear of retaliation
For more information on how your company can create and properly enforce a Code of Conduct, please contact us at 636-346-9273 or visit https://www.arastl.com