Here are some of Steve’s take-aways from this essential podcast.
Compliance Awareness Saves Money
“In this day and age of Covid-19 and high risk, “Steve explains, “the relative cost of putting in an effective compliance program, compared to the risk of a whistleblower lawsuit or a violation because you are out of compliance, is just enormous.
“In this high risk world that we live in, a compliance program is a smart, sensible way to put in place controls that enhance and enable your business to compete and win, regardless of what your business is.”
It Takes a Trained Team to Keep Your Business Safe
“We're all familiar with going through the airport,” Steve explains, “and the idea that if you see something, say something. And the same attitude should be internal to any company.
People in your organization have to be able to look around and say, `Hey wait a second, we are not in compliance in this area, and that could be a problem. And that's where training is perhaps the most important element.
“Training is the glue that connects all of the structure – from policies, procedures, monitoring – and holds it all together. Through training, people understand why compliance is important. It's the why behind the what that training really exploits.”
A Case Study that Proves the Point
Steve, who has worked extensively in the life science industries, says, “One case that really comes to mind that I think all your viewers are very familiar with is the Theranos case. Elizabeth Holmes, the former child genius from Stanford, founded that blood-testing company with the concept that it is possible to learn amazing things from just a pinprick of blood.
“Well, it sounded too good to be true. And guess what, it was. But she attracted incredible investors, and the company took off. And she was, I believe, at one point, the wealthiest woman CEO in the world. But then it all came crashing down. Why? Well, there weren't controls in place to catch the problem, which was that the technology didn’t work. Or to catch the smoke and mirrors.
“Employees or fellow executives could have said, `Wait a second, this doesn't sound right. Wait a second, this really isn't working. Wait a second, where's the science to back this up?’
“A compliance program builds that kind of internal check . . . So that's a clear example of where a compliance program. and I would add an ethics and compliance program, could have prevented tremendous problems.
Learn more about your ad choices. Visit megaphone.fm/adchoices
