Compliance teams, which have been been sheltered from corporate budget cuts in recent years, are having to adjust to working with a smaller staff or fewer resources
By Kristin Broughton Close Kristin Broughton May 25, 2020 7:00 am ET Corporate compliance departments are finding themselves in the crosshairs of corporate cost-cutters, raising concerns about the potential for mistakes or misbehavior to go undetected.
When employees take on additional work or face pressure to meet goals during financially difficult circumstances, the risk of misappropriated assets or fudged financials can increase. Anticorruption organizations have warned that the economic upheaval caused by the pandemic could create an environment that’s ripe for bribery.
Some compliance departments are dividing responsibilities to ensure that the most critical responsibilities, such as internal investigations, are covered, said Erica Salmon Byrne, executive vice president at Ethisphere, an ethics and compliance advisory firm. “We are confident that the monitoring, investigation and disclosure responsibilities are being appropriately managed by remaining team members,” Nigel Glennie, a Hilton spokesman, said in an email.
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