Fairwords Weekly: Investigation Cooperation Strategies, Compliance Person of the Year, Self-Reporting Wrongdoing, and the Trust Officer
January 19, 2023
“We are incentivizing companies to help police themselves and make the investments in corporate compliance that help achieve a good corporate culture.”
— Kenneth A. Polite, United States Department of Justice, Assistant Attorney General
This week, explore key strategies corporations can use to navigate the government investigation process. Learn why the Trade Compliance Officer is the person of the year and why the Trust Officer is rising. We also consider new incentives offered by the Department of Justice (DOJ) for companies to self-report wrongdoing.
According to research conducted by Deloitte, trustworthy companies outperform their competitors by up to four times, 88% of customers who highly trust a brand have repurchased from that brand, and 79% of employees who highly trust their employer feel motivated to work. Trust is a dominant business issue. “While trust is becoming more widely acknowledged as a business driver, we’re generally not seeing clear lines of ownership or accountability, regardless of whether that responsibility falls to a Chief Trust Officer (CTrO) or is embedded in the job of another C-suite executive,” observes Samantha Parish, a principal with Deloitte Financial Advisory Services LLP. This environment—where trust increasingly needs to be nurtured, valued, and measured—is ripe for the rise of the Chief Trust Officer position.