A consideration of the evolving role, visibility and prominence of compliance in strategic planning and protecting brand and reputation

Catherine Vaughan
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Catherine Vaughan: Global Financial Crime, Ethics and Compliance Leader, Ernst & Young, Ireland

Journal of Financial Compliance, 2024, vol. 8, issue 1, 80-91

Abstract: Compliance has progressively evolved from a mere legal and regulatory necessity to a strategic imperative for organisations. In today's fast-paced and interconnected business environment, compliance plays a crucial role in protecting an organisation's brand and reputation. Looking at the relationship between compliance and key function heads such as the Chief Operating Officer, Chief Financial Officer, Human Resources Executives and the increasingly visible Chief Trust Officer, this paper explores the shifting landscape of compliance, its increasing visibility and prominence, particularly in strategic planning. It emphasises the crucial interconnection between compliance and a company's brand and reputation, demonstrating how adherence to legal and ethical standards has become a core aspect of protecting and enhancing organisational success. While there is a leaning towards larger organisations, the concepts and insights explored in this paper have equal relevance to smaller firms, for whom brand and reputation is as equally important as for larger ones. For any organisation which relies on a reputation of trust, the relationship between compliance and strategy explored in this paper is crucial regardless of size, industry or sector.

Keywords: compliance; brand; reputation; strategy; protection; growth; board; trust; culture; evolution (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2024
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