Compliance to regulations on audits, in ethics and risk management in the company, is not only the best approach to sustainability; it is also as vital to the operations and success of the company. There needs to be compliance assessment and monitoring integrated into each level of the business. All persons in the senior position are required to address and analyze the critical compliance issues. For efficiency to be achieved, a Compliance Risk Management Board was integrating to make the work timely and organized.
Diversification has seen many companies venture into broad fields and spectrum trying to be sustainable, profitable and compliant with the prevailing regulations and policies. In such companies, compliant and governance are not features that are introduced along the way but happen to be the essential or core function that needs to be integrated within the spine of the organization. Boeing is of the many organizations that ensure that the compliance and ethical grounds are embedded into everything they do as opposed to being just an add-on to the operations. The company has done the right by its employees, stakeholders, customers, and respective communities. In response, a lot of other entities that partner with them have built a solid trust, bond and relationship that are healthy for the business.
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In Boeing Co, the compliance issues can surface and become a tabled concern that leads to an investigation and eventually motivates if not influence the culture. As witnessed in the previous Compliance week executive meeting, held in Dallas, Boeing and the rest of the executive agreed that the compliance office is broad as the number of risks and compliance change as the business grows. As stated by Eric Hinton, “my goal is to bring order to piece of compliance that exists in different places.” In Boeing’s operations, compliance was and is viewed as a journey, a tool that came about as a response to enforcement has grown to have a vision that influences the overall performance of the company (Mont, 2014) . The best approach to working around compliance would be to as is it possible to be competitive and still ensures operations are efficient and effective. Diana Sands is responsible for compliance, and the ethical programs at Boeing Co. In her work Sands embark on issues of risk management, compliance on audit reports, trade control and the professional team under her watch.
The company started by setting up the rules and structure that with time has evolved to what it currently stands as an integrated business partner. When all the interest and table and viewed under the same lenses, the risk can easily be mitigated. As the top level management can work towards the same goals, the middles section needs a lot of explanations and guidance. The expectations have to be reasonable; it is achieved in Boeing through the exercising of good judgment. It is paramount that credibility exists in the company. Only with this feature in order will the key risks be tackled.
In the end, no matter which route the company take, Boeing has discovered that the end, compliance is always the same. The risk is not eliminated, at least not completely, the different business models available all offer the best approach towards reducing the risk to the least possible levels without exposing the company to potential losses. Effectiveness only comes when the organization is cross-functionally integrated as well as embedded in every business process. In the end, when faced with a government enquiry on compliance or an investigation, one needs to document their compliance processes as opposed to stating or describing them. The proof of concept herein lies in the effort as opposed to the description. All across the platform, the different companies tabled risk as the main issue that makes compliance issues in their operations. Boeing believes that making compliance a ‘journey' opens the doors to a broader view of the entire operations (Mont, 2014) . In essence, similar to a journey, there is no stopping until the destination has been attained. Sands goes further to explain that the compliance journey can be a loop only broken through with efficiency and effectiveness in the company's operations.
Reference
Mont, J. (2014). The foundation of good compliance and governance. COMPLIANCE WEEK , (888.519.9200).
