Post-pandemic Ethics and Compliance Trends

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( — July 7, 2021) –The COVID-19 pandemic has changed how a lot of businesses operate. Around the world, companies have had to shift their focus and change their processes to cope with a world ravaged by a deadly virus. One of the areas that have had to undergo revamping was building an ethical culture within an organization. Financier Worldwide mentions that under the shadow of COVID, companies’ best option was to continue training and assessment of ethics and compliance within the business sphere. This approach usually meant having to deliver webinars remotely to advise employees of the current changes to ethics and compliance legislation in their particular departments. Now that the pandemic is subsiding, we’re dealing with the “new normal.” What does the future hold for compliance and ethics in this brave new world?

An Ethics and Compliance Overview

Before we can see where ethics and compliance is going, we must first appreciate how the pandemic has affected its implementation in business. Each year, LRN compiles an ethics and compliance program effectiveness report. The report aims to see how businesses have dealt with implementing compliance in their organizations. This year, it has had to take feedback from companies that have been instilling compliance and ethics into their employees remotely. According to LRN, a massive 79% of respondents noted that their organization’s ethics and compliance framework was more robust after COVID-19. Part of the reason for this may lie with how much companies have invested in ensuring that their workplaces adhered to ethics standards even while working remotely. In most cases, businesses went above and beyond what was required to conform to the bare minimum compliance requirements.

The Role of Training

For any compliance or ethics system to work, employees need to be adequately trained. But where is the training most effective in an organization to ensure that the company adheres to compliance regulations? Regulators have found a few areas of note that businesses should focus on to instill a company-wide culture of ethics and compliance. Employees in high-risk areas should be targeted explicitly with training since they are the points where failure in compliance will usually occur. Using real-world case studies that have been anonymized can help drive the point home while protecting the identity of the companies involved. Easily accessible training is necessary, and employees should prove that they understand what the training was about. Building an ethical framework comes from focusing on the ethics themselves, not just the rules and regulations surrounding them. According to Ethics Demystified, there’s a lot to learn, but it’s something a business needs to do to ensure its employees’ compliance.

What Does This Mean for the Future?

With the “new normal” firmly instituted, businesses return to regular operation with a few changes. Many employers are opting for a more remote-work-infused situation, meaning ethics and compliance may also need to adapt. Since businesses have managed the pandemic so well, and their company culture has grown to embrace ethics and compliance, it should be no problem to continue.