New Ethical Culture Tool Uses Big Data, Allows Companies to See How They Measure Up Against the World’s Most Ethical Companies
New York, NY – March 29, 2017 – The Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices, unveiled today the Ethical Culture Diagnostic Tool, which enables corporate ethics leaders across the world to benchmark how they are communicating and measuring culture against information collected from the World’s Most Ethical Companies® dataset.
The new, innovative assessment platform spans between 6-16 substantive questions covering areas that compliance officers often struggle to measure including empowering leadership, communicating ethics and measuring culture. Once completed, participants will receive a Diagnostic Scorecard enabling them to benchmark their results against Ethisphere’s 2017 World’s Most Ethical Companies honorees.
“Smart companies understand that a strong ethical culture will help them outperform their competition yet compliance officers still have a difficult time building the business case — and obtaining budget dollars — to identify ethical challenges and create solutions based on best practices,” said Erica Salmon Byrne, Ethisphere EVP & Executive Director of Business Ethics Leadership Alliance. “Our new culture diagnostic tool provides these solutions by putting comparative information in the hands of compliance officers so that they can build their plans to convince the C-Suite that company ethics and reputation matter as much as the products they sell.”
Each year Ethisphere surveys companies across the globe to create the World’s Most Ethical Companies list, which is announced annually in March. In 2017, 124 companies had what it took to make the coveted list. Ethisphere’s notion that the financial value and ethics are inexorably tied together has been explained through an analysis of how the stock price of publicly-traded 2017 honorees compare to the S&P 500 over the last two years. The analysis demonstrates a 6.4% premium Ethisphere refers to as the ‘ethics premium.’
The Culture Diagnostic is based upon the Ethisphere Institute’s Ethics Quotient® (EQ) framework which offers a quantitative way to assess a company’s performance in an objective, consistent and standardized way. The information collected provides a comprehensive sampling of definitive criteria of core competencies, rather than all aspects of corporate governance, risk, sustainability, compliance and ethics.
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. Ethisphere has deep expertise in measuring and defining core ethics standards using data-driven insights that help companies enhance corporate character. Ethisphere honors superior achievement through its World’s Most Ethical Companies recognition program, provides a community of industry experts with the Business Ethics Leadership Alliance (BELA) and showcases trends and best practices in ethics with Ethisphere Magazine. Ethisphere is also the leading provider of independent verification of corporate ethics and compliance programs that include: Ethics Inside® Certification and Compliance Leader Verification™. More information about Ethisphere can be found at https://ethisphere.com.
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