Retail Ethics and Compliance Survey 2018: Managing Risk and Legal Compliance in a Time of Transformation
The retail industry is going through a period of unprecedented change. From engaging with customers, to changing consumer habits, global supply chains and customer delivery models, to the type of goods and services being sold – all are undergoing unprecedented change. At the same time, the value, ethics and principals of a brands have moved to the forefront of customers’ purchasing decisions.
To understand how retailers are navigating these challenges, the Retail Industry Leaders Association (RILA) partnered with Deloitte to develop the first comprehensive retail ethics and compliance survey. Compliance and legal executives from across the RILA membership provided insight into the key areas:
- Where companies' ethics and compliance programs fall on compliance program maturity continuum;
- Program structure and influence;
- Functional roles and responsibilities of chief ethics and compliance officer (CECO);
- Creating culture of integrity;
- Identifying and managing risk;
- Resources and budgeting; and
- Third-party Risk management.
“To help companies manage uncertainty and risk in today’s rapidly changing retail environment, effective compliance programs take an integrated approach to a company’s ethics, values and culture in the context of complying with legal and regulatory requirements.”
The responses revealed the continuing evolution of the role of the retail CECOs to be trusted advisors and partner to the business and how companies are:
- Investing in their programs;
- Finding points of leverage;
- Addressing challenges;
- Evaluating program effectiveness; and
- Continuing to evolve and expand compliance programs to be fully integrated into the business decision making process.
For more information about retail ethics and compliance programs and RILA’s Compliance Council, please contact Kathleen McGuigan
, senior vice president and deputy general counsel.
“Deloitte” is the brand under which tens of thousands of dedicated professionals in independent firms throughout the world collaborate to provide audit & assurance, consulting, risk and financial advisory, risk management, tax, and related services to select clients. These firms are members of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”). Each DTTL member firm provides services in particular geographic areas and is subject to the laws and professional regulations of the particular country or countries in which it operates.