Especially in regions with a higher corruption risk, an efficient Compliance program provides a comparative advantage, recognized not only inside the company, but also by its external stakeholders, as clients and providers. When a company is in competition, this is includes not only the sales- or R&D-departments, but the organization as a whole, including its Compliance department.
Due to this, an one-time-implementation is not enough, but with regular risk assessments, the Compliance Officer has to ensure that the system is still leading and adequate. A benchmark can support. This can be done with other Compliance systems, but new approaches and inspirations can also come from comparisons to something completely different.
For my book I compared the numerous parts of a Compliance programs to a race car. This brought interesting insights and ideas for improvements:
- Engine / Values
- Chassis / Processes, Controls & Tools
- Suspension / Cultural Knowledge, Involvement
- Brakes / Ethical Blindness
- Telemetry / Compliance Communication
- Rear-Mirrors / Competition
- Dash Board, Steering Wheel / Monitoring
- Sponsors / Commitment
- Lights / Strategy
- Tires / Adequate Compliance Resources & Training
- Driver Seat / Compliance Personal
- Test Driver / Near to Business
All these different points had been a source for an information transfer to enhance the Compliance system. As it is valid for for race car, it is also true for an effective Compliance system; all parts are important; one missing part leads to the malfunction of the whole. The maximum performance requires that all parts get finely tuned to work smoothly together.
Another important finding: motor-sports teaches us, that even the best car is not enough, you need also the best driver, as both are equally responsible for the success. Champions like Tazio Nuvolari, Ayrton Senna, Michael Schumacher or todays’ Kimi Räikkönen or Sebastian Vettel not only could drive their cars on the limit, but furthermore developed them together with the team. Accordingly, Compliance employees have continuously develop, improve and drive the Compliance Race Car.