A strong code of conduct offers real value to a company. Developing and sustaining such a code occurs through a broad-based, managed process that includes attention to the organization’s mission, values and other key considerations. With a little foresight and focus, a company can develop a new code or enhance an existing code to reap the numerous benefits it can provide.
A corporate code of conduct serves as both the principal statement regarding the way that a company conducts its business and its ethics and compliance program’s chief communication. A code generally embodies the standards that a company sets itself and possibly other standards that others encourage it to adopt. Chief among these standards are the ethics and compliance risks that a company seeks to prevent, detect and mitigate, should a violation occur.