Following major economic scandals, such as corruption at Siemens and the emissions scandal in the German automotive industry, compliance management has found its way into almost every company. It is no exaggeration to claim that it is – apart from the actual production – the key topic of most firms nowadays. More than that: The value of compliance is no longer solely in the prevention of fraudulent practices or the protecting against legal violations and misconduct. It is now more than ever in promoting a good reputation. How is that?
Compliance as a driver of what people think about a company
The question of whether it is worthwhile for companies to anchor compliance as a topic in corporate communications in order to improve their reputation in the media is left hanging for most of the big companies of the northern hemisphere. The answer though, is obvious. Does a company promote an image of self-control and restraint to the media or do people think that it would walk over corpses to get what it wants?
The thought of spending huge amounts of money to make sure things are going right may seem exhausting to some and the deed itself may even seem over-reactive. But by thinking long-term one can easily see the benefits it may hold. Using a case study with three automobile manufacturers, Ellen Dietzsch-Lohbeck has examined the external communication of companies on compliance. In her publication she also examines the question of whether companies’ compliance communication has an impact on business reporting and media reputation. Take a look at her work: “Compliance als Treiber von Reputation” (compliance as a driver for reputation). The outcome may surprise you.
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