Recent studies show that up to 75 percent of the value of an organization is based upon its intangible assets. As a result, a company’s brand reputation, including how ethical that company is perceived to be, has rightfully become top of mind for leading executives and directors.

More than ever before, organizations realize that ethical leadership has a significant, positive effect on their brands by directly resulting in a sustainable market advantage through enhanced employee recruitment and retention, consumer partiality, shareholder preference and regulatory leniency.

That’s why the Ethisphere Institute, the only independent verifier of corporate compliance and ethics programs, created Compliance Leader Verification.

Ethisphere’s Compliance Leader Verification seeks to provide independent verification for companies with best-in-industry compliance programs-those organizations that have made the decision to proactively invest resources in compliance, sending a clear signal to key stakeholders that your company takes compliance and ethics seriously.

The Value of Ethics… Perceivable. Impactful. Measurable.

Verification and communication of your ethics and compliance efforts can reverse the typical “compliance is a cost center” mentality by creating and sustaining value for your company in a variety of ways. Like any valuable asset, a company’s ethical commitment and achievements can and should be proudly communicated to key constituents.

Companies spend billions on brand perceptions and public persona. However, the financial and reputational damages in the event of a compliance breakdown can far exceed those costs, as can the losses sustained if third parties suspect that your company may soon find itself in trouble as the result of a substandard compliance program. Compliance Leader Verification gives companies hard proof that they are at the forefront of their industry in addressing and mitigating compliance risks, thereby significantly reducing the likelihood of a compliance breakdown in the future.

What Is Compliance Leader Verification?

The Compliance Leader Verification process combines recognition with evaluation: Ethisphere affirms verification to those companies that meet or exceed the verification criteria and provides detailed annual reports to applicants on where their programs are succeeding, where they’re falling short and suggestions for improvement. The compliance programs of Certified Compliance Leaders are demonstrably superior to industry requirements and standards, and these organizations are taking the necessary steps to replicate these successes in the areas of corporate culture, corporate social responsibility and corporate governance.

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What Is Examined in the Compliance Leader Verification Process?

Throughout the Compliance Leader Verification process, the Ethisphere Institute’s researchers and analysts conduct a detailed review of the organization’s current compliance and ethics-related initiatives, and benchmark them against the ‘hallmarks” of an effective compliance program, as defined by the U.S. Federal Sentencing Guidelines (FSG) and corporate and industry best practices, including:

• Standards (code and policies)
• Board of director oversight
• Program structure and responsibility
• Training and communications
• Due care
• Monitoring and auditing
• Enforcement and discipline

The Ethisphere Institute uses a proprietary system of tools, templates, metrics and indicators to evaluate the quality and effectiveness of compliance initiatives and key program components.

Why Award Verification by Industry?

Any good compliance program is based upon the risks facing an organization. As each industry poses significantly different risks to the companies that operate in it, the Federal Sentencing Guidelines direct regulators to review a company’s compliance program based not only on the hallmarks of the Guidelines, but on the efforts of their peers. The Ethisphere Institute seeks to reward companies who are advancing the ethics and compliance standards for their peers and industry at large.

How Long Does the Verification Process Take?

While the timeline for Compliance Leader Verification will vary by the size and geographic reach of the company being certified, the verification process generally takes between four and eight weeks. Certification does require some active participation from the applying company’s leadership team, but is minimally invasive to company operations as we spread the involvement out over the duration of the process.

Compliance Leader Verification Deliverables

Annual Findings Report: At the Ethisphere Institute, we believe that a program review can be conducted in repeatable fashion, making progress and impact more measurable over time. Like any initiative, an organization should seek return on its investment by continuing to emphasize what works best-and discontinuing those less impactful activities. This way, a program review can bring the desired impact, institutionalization, focus and efficiency that should be the hallmarks of any effective program. Ethisphere provides its verified companies with detailed annual report as to how their program measures up to industry benchmarks, including recommendations for improvement.

Compliance Leader Verification Logo: Ethisphere provides all Verified Compliance Leaders the Compliance Leader Verification (CLV) logo with limited restrictions as to how it is used to designate the company’s achievements. CLV companies have used the logo to communicate their commitment to compliance and ethics to employees, shareholders, customers, regulators and competitors through a variety of means that include corporate websites, investor reports, employee communications, regulatory filings, new employee recruiting materials, and other corporate marketing and communications materials. Ethisphere will also provide a Best Practices Guide to help CLV companies drive awareness of and value from their designation.

Compliance Leader Verification Press Release Template: Following the designation of Compliance Leader Verification, many companies issue press releases to announce their achievement. Ethisphere provides assistance, guidance and feedback as needed as CLV companies need to communicate the new designation to the public. We provide all CLV companies with a draft press release for customization and use as the companies see fit. Ethisphere’s public relations team is able to help revise and polish releases as needed, and are even available to help distribute the announcement over news wires and to relevant media outlets.