The U.S. regulatory landscape evolves constantly. As a result, it is critically important for larger companies to take a proactive approach to compliance. Without a strong, proactive approach in place, seemingly innocuous gaps in compliance can become significant legal, financial and practical headaches for even the most well-run enterprises.
In recent years, the concept of integrity monitoring has gained traction in multiple industries. This proactive effort serves to mitigate the risk that any unethical behavior on the part of employees, vendors and even internal company efforts will continue unchecked and unabated.
The value of integrity monitoring
Regulatory violations, fraud and financial crime affect the U.S. economy on a daily basis. Integrity monitoring helps individual companies to lessen the likelihood that such forces could ultimately bring down operations from the inside out. It is in this way that regulatory compliance and risk management go hand in hand.
Since the practice of integrity monitoring was developed as a response to notorious corruption within New York’s building industries roughly 30 years ago, it has been embraced by the financial industry and other heavily regulated trades as a way to protect corporate interests. This practice could not have evolved at a more apt time, given the broad opportunity for unethical behavior afforded by the realities of the Digital Age. It is all too easy, for example, to engage in fraud when dealing with digital assets, complex financial transitions and contracting partners that may span the globe.
If you’re concerned about maintaining your company’s reputation, protecting its profits and sustaining a favorable regulatory record, take time to research the ins and outs of integrity monitoring. When utilized in a proactive and efficient way, it can save companies time, resources and the risk that comes with regulatory gaps and accusations of unethical behavior.