The cost of corporate non-compliance documented on the 2014 "Scalendar"
MINNEAPOLIS, July 17, 2013 /PRNewswire-USNewswire/ -- The Society of Corporate Compliance and Ethics (SCCE) and the Health Care Compliance Association (HCCA) today released their 4th annual corporate scandal calendars. The 2014 edition includes an additional $30 billion in finalized settlements, fines, and other penalties since the release of its 2013 calendar. Already well-known scandals such as the Deepwater Horizon, Tyco, Enron, and Olympus are joined by the Mortgage Meltdown, LIBOR, insider trading, NewsCorp, and many more.
The calendar offers compliance and ethics professionals helpful news hooks for employee communications, reminders of teachable moments, and provides reference points for illustrations of past wrong doing.
"The Corporate Scandal Calendar, or Scalendar as we call it, wasn't created to point fingers," said SCCE and HCCA CEO Roy Snell. "It's there to demonstrate first, how expensive non-compliance is as compared to the cost of investing in an effective compliance program. Second, it helps compliance officers drive home to management and employees that any company, and any individual could go wrong, and when they do the price is extraordinarily high."
Each year the SCCE and HCCA review headlines and identify key dates in corporate scandals: arrests, indictments, and resolutions, whether a conviction or settlement. Key dates are then included in the calendar.
"We don't intend for this to be comprehensive, covering every milestone on every incident," said Snell. "Instead we want to capture the key dates that can help provide teachable moments."
The Health Care Compliance Association's version of the calendar differs in that it also contains larger healthcare-specific settlements. "Given the size of the healthcare industry," said Snell. "We wanted to make sure that executives and employees understood how much risk there is in wrongdoing."
The calendars can be downloaded at:
The Society of Corporate Compliance & Ethics, headquartered in Minneapolis, MN, is a non-profit professional member association that serves compliance and ethics professionals globally. The association provides resources and training to compliance professionals and champions ethical practices and compliance standards. Visit the SCCE website at www.corporatecompliance.org.
The Health Care Compliance Association, established in 1996 and headquartered in Minneapolis, MN, is a non-profit organization dedicated to improving the quality of compliance. HCCA's mission is to champion ethical practice and compliance standards and to provide the necessary resources for ethics and compliance professionals and others who share these principles. Visit HCCA's website at www.hcca-info.org.
SOURCE Society of Corporate Compliance and Ethics; Health Care Compliance Association