Compliance professionals are trained to point out downsides, identify risks and educate others on what can go wrong. But, points out, Ami Simunovich, Executive Vice President, Chief Quality, Regulatory Officer & Public Affairs for BD, they need to balance that with a need to see and encourage others to take the right risks.
A compliance officer who can do that earns credibility with business leaders.
So, how do compliance professionals get there? She recommends reorienting thinking to focus on how to advance the business in the right way. That begins with tying decisions back to the purpose of the company. This can help enable the right leadership mindset and avoid reckless decision making.
Grounding decisions in the code of ethics, along with a focus on the business’s purpose, helps create a framework for better decision making. Next, make sure business leaders are keeping up with the regulations. Also, encourage them to ask gut-check questions such as: Are we making the right decision? Would our partners be proud of what we have done? Is this who we are?
Along the way, embrace open conversations that ask whether the decision or initiative is the right one. At the same time, be sure that, as the business proceeds, there are controls in place that are fit for purpose for the risks at hand.
Listen in to learn more about how the compliance team can help the business grow.