You say Compliance, I say Culture

The International Chamber of Commerce has a new report out on global trade. Timely with Brexit looming over us in the UK/

EU and the rattling of trade war sabres in the US. That said, the impact of new rules isn’t the only thing that is top of mind for people in this space. Living up to existing expectations and requirements is also a top priority.

The 2018 survey had input from 251 banks across some 91 countries. Combined they’re responsible for processing an estimated $9 trillion global trade finance transactions. So we’re talking real money here.

Only 1% of respondents said that Regulation & Compliance was not a barrier to trade. Contrast that with 93% who are Somewhat / Extremely concerned. That’s a lot!

One temptation is to focus on the output (compliance reporting) rather than the input (an ethical culture). A helpful term from computer science is GIGO: Garbage In = Garbage Out – and it applies here too.

Get the full report here – and within it you’ll find a section by my co-author professor Chris Hodges and I.

It has:

• The state of play in curbing corporate malfeasance and offer a new way forward
• The two pillars of ethical regulation

Or in short: if you’re one of the 93% worried about Compliance then rest assured that there are remedies.

You say Compliance, I say Culture.