March 10, 2020
Published: The Caq
When a corporate scandal occurs and stakeholders seek reasons and root causes, the trail often leads back to problems with the organization’s culture. But what if an organization could get ahead of those crises?
Many companies have begun to understand that tracking culture should be considered a fundamental component of managing risk. More than that, they know that a proactive approach to assessing corporate culture can help deter misconduct. In fact, a Columbia Business School study found that 92% of the senior executives surveyed believed that enhancing corporate culture would increase a company’s value.
In Assessing Corporate Culture: A Proactive Approach to Deter Misconduct, the Anti-Fraud Collaboration shares insights into the importance of assessing culture as well as considerations around culture-assessment process ownership.The paper also details resources specifically targeted to the unique role auditors and other stakeholders in the financial reporting process.
The process of culture assessment can do more than just spotlight problem areas to be addressed – it can also aid in the identification of successful efforts to reinforce and enhance culture, too. Assessing culture is an important step that organizations can and should take, and the tools and techniques discussed in this paper provide a starting point for organizations of all kinds.