The panel discussion formed part of Module IV of the programme, which focuses on business and corruption. How do industrial actors embrace compliance policies rather than fear them? How are reputations managed in the era of social media? Are compliance policies in business sometimes only window dressing, potentially disguising a continuation of unsound and corrupt practices? Is the external audit of compliance policies and compliance certification a potential catalyst for genuine business compliance? How do you include facilitators of corruption in business compliance? These were some of the question addressed.
The panelists, who came from the International Chamber of Commerce, Austrian Railways (ÖBB), Erste Bank, Austrian Petroleum Organization (OMV), Volksbanken AG, Post AG, and General Dynamics European Land Systems, spoke of compliance conduct in their corporations and the lessons learned. The MACS participants, all of whom have different professional backgrounds, shared their experiences and concerns on the subject matters. Professor Ramakrishna Velamuri, from the China Europe Business School, and Martin Kreutner, Dean of IACA, also offered their expert opinions.
The evening provided for interesting discussions in the room and the breakout sessions which followed. The overall conclusion reached was that despite vulnerabilities in a high risk market, a company can conduct responsible business if it has credible and comprehensive Compliance Management System (CMS) in place. The involvement and respect for employees in establishing this CMS is vital for its effective implementation.