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June 14, 2012updated 29 Apr 2022 12:58pm

More employee engagement is needed to combat risk

Industry experts called for more investment in engaging with staff rather then regulation as a way to mitigate business risk at the Tenth PwC Corporate Accountability conference in London this week.

“Culture is vitally important and we need to develop a culture of disclosure, of security and of leadership,” US Southern district of New York attorney Preet Bharara said in a key note speech.

Panellist’s then discussed how to create a culture of compliance with regards to a company’s codes of ethics agreeing that engaging with people is the most successful means to combating corporate fraud.

“We don’t use rules, but principles. […]. We don’t talk about ethics to our employees, but about responsible behaviour and we need to learn how to get non-financial risk in people’s mind,” BAE Systems head of business David Harris said.

Transparency International board member Jeremy Carver pointed out there still isn’t enough protection for whistleblowers, while they represent a great potential to make sure companies behave in the appropriate way.

Cyber crime

A panel discussion covering the growing cyber crime threat to business expressed the importance for companies to train people on responsibility as well as promoting a mindset-change among businesses.

“We have to recognise that breaches will occur and we have to adopt the same risk modelling as in other fields as containing the problem is the main challenge,” Europe Middle East and Africa technology security chief Greg Day said.

PwC director of One Security William Beer said the key to help clients against cyber crime is “understanding” it is not an “IT problem but everybody is accountable; a sense of clarity; and be prepared for an inevitable attack”.

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