G.R.E.A.T Governance & Compliance
G.R.E.A.T is our way of thinking about GREAT Governance & Compliance compared to 'good' governance & compliance.
ETHIC Intelligence® is a World leader in certifying and assessing governance & compliance programmes. We believe that companies should be aiming for G.R.E.A.T rather than simply Good governance & compliance. We think about G.R.E.A.T as a success goal, rather than Good. There is a big difference between these two simple words and our methodology looks at those additional elements beyond the 'standard'.
Our methodology of becoming G.R.E.A.T.
Companies just don't become G.R.E.A.T at Governance & Compliance because they meet all the requirements of the Standards, they become G.R.E.A.T because they achieve so much more.
G - Great Leadership
To have G.R.E.A.T governance & compliance, you need great leadership. That means leadership that is bought in, that sets a path forward for greatness, that is there to influence, inspire and help others become their best selves, building their skills and achieving goals along the way. G.R.E.A.T leadership could be a CEO, a Chairperson or even collectively an executive team.
R - Resilience
To have G.R.E.A.T governance & compliance, you need to have a resilient organization and also a resilient culture. In the simplest sense, resilience means one’s ability to bounce back. To be a resilient company means to be able to withstand and adapt to hardships, including a crisis. In some cases, it can mean finding a path that leads to a stronger position. We believe that G.R.E.A.T governance & compliance is about building a resilient company. Issues will happen, a crisis will occur, an ethical or compliance issue will happen. However, how you react to it, respond, face it, fix it and learn from it makes a company resilient.
E - Empathy
To have a G.R.E.A.T governance & compliance system, your company as a whole (as well as its senior leaders) need to have Empathy.
Empathy refers to the ability to relate to another person’s pain vicariously, as if one has experienced that pain themselves: For instance, companies that lack empathy will care more about their own welfare and financial results in making moral decisions than think about their communities, the planet or its people.
In governance & compliance, we are thinking about multiple stakeholders and multiple moving parts. With a company that has an empathetic culture, it will more likely move faster to a G.R.E.A.T level and transition from a Good one.
A - Assurance & Certification
While somewhat self serving, we think G.R.E.A.T governance & compliance sets itself apart from Good, because of the external and independent assessments that Assurance and/or Certification bring to the programs. Good programs are 'good' on their face and because a company meets the requirements. G.R.E.A.T companies go beyond Good because they open themselves up to external review and transparency, and support an external testing of their governance and compliance systems. This additional step, in our view, adds strength to programs and makes them great.
T - Trust
Trust is a firm belief in the reliability, truth, ability, or strength of someone or something. Companies are forever making statements, promises, representations, attestations and comments about their companies and the way they operate.
With much of governance and compliance, these statements can be shallow phrases that are meant to tick a box, appease someone or address a requirement and move on. They are sometimes rather aspirational and lack substance.
To be G.R.E.A.T, these words need to be intentionally used, appropriate, and meaningful. They must create an environment of trust with stakeholders, employees, customers and partners. That element of trust is what happens when no one is looking. It is what develops into 'having your back'. Trust that your governance & compliance is more than just nice words in the eyes of your stakeholders is what moves companies from good to G.R.E.A.T.