Where are Nordic companies on their ethics and compliance journey? What are their strengths, and their areas for further enhancement? The Nordic Ethics and Compliance Journey survey has sought to capture the perspectives and viewpoints of key stakeholders in the ethics and compliance arena, covering governance, social, and environmental aspects of business performance and risks.
The current compliance landscape can be characterized by increasing legal and regulatory complexity and international enforcement, as well as growing expectations from stakeholders and society at large as to responsible business conduct and sustainable operations. Increased external expectations also mean additional requirements in terms of managing compliance systems, efficiency, digital tools, resource allocation, and competence.
From strict internal compliance to the law, companies now need to consider a wider stakeholder group stretching across suppliers and other contractors. We see businesses insisting on tone and commitment from top management and boards, but what is equally important is that ethics and compliance activities must be properly anchored and understood by the organization in order to be successful.
The survey was completed by 115 respondents across the Nordics in March and April 2021, both private and public, large, medium, and small-size companies across all industry segments except financial institutions and public municipalities. A large part of the respondents, 27%, have a dedicated compliance role.