Benefits of Conducting an Ethics Audit

It’s not uncommon for businesses across a variety of industries and sectors to conduct routine audits of their finances, processes, and core offerings. Audits are great mechanisms for extracting data, identifying areas of improvement, and recognizing trends in how you conduct business. However, not every company is taking advantage of the insights provided by an ethics audit. And today, we’re highlighting several advantages an ethics audit can provide for your company.

Take a closer look at your ethics policies and find new ways to reduce expenses, improve company culture, and solidify your brand as a top (and ethical) company to your customer base.

An Ethics Audit Will Provide Valuable Data

An audit generally analyzes past data and trends. So, when you conduct an ethics audit, you’re looking back at the previous year to see what impact your existing ethics policies and resources have had on your bottom line. This kind of data is essential for spotting trouble areas, ethics victories, dollars spent/saved, along with violations and improvements needed. This data can properly inform how you strategically plan for the next year, adjust to new trends, and allocate resources needed to facilitate improvements.

Audits Help Improve Your Ethics Visibility

You can’t change what you can’t see. And an annual ethics audit will provide your teams with the visibility you need to enforce and oversee ethics policies. These insights are imperative for informing how your HR conducts employee ethics training. It also allows you to operate your business from a position of informed authority, guiding everyone to a more ethically responsible operation.

They Allow You to Remain Agile, Ethically

Ethics audits are also great tools for remaining agile and flexible in an ever-changing environment. Today’s businesses need to adapt to innovation, new technologies, emerging client preferences, changing vendor partnerships, and more. Discover how you can steer your company ship through emerging economic challenges and dynamic industry shifts without losing your ethics policy footing.

Reinforce the Benefits of an Ethics Hotline

Audits can provide you with all kinds of metrics and information. But when you have an ethics hotline, the ethics insights gleaned are monumental. If you’re not taking advantage of an ethics hotline yet, let this audit reflection help reinforce why you should. According to the Global Business Ethics Survey, highlighting worldwide trends in ethics and business, the following trends are outlined:

· Employees are still under tremendous pressure to compromise between workplace standards and the law.

· Very few workers believe they’re working for a company with a strong ethical culture.

· Workplace misconduct continues to rise and is at an all-time high.

When you’re ready to explore how an ethics hotline can benefit your business model, let Ethical Advocate help! We’ll assist in tapping into your ethics audit metrics to create a robust ethics plan for your brand. And with an ethics hotline in place, you can expect big improvements and significant fiscal results. Leverage the many benefits of conducting an annual ethics audit. Then, let our team introduce you to a more efficient solution with an ethics hotline.