EQS-News: At ECEC 2023, global compliance leaders tackle the future of compliance

PRESS RELEASE

At ECEC 2023, global compliance leaders tackle the future of compliance

• 6000 professionals from across the globe and more than 30 speakers actively engage in a compliance discourse, delving into company strategies driving corporate responsibility in a time of unprecedented crises
• Open corporate cultures can proactively boost compliance in the face of external stress factors and technological challenges, say experts
• AI positioned as a game-changer for corporate compliance, if there is a willingness to take on associated challenges
• Coveted ECEC Award goes to ABN Amro amid record participation 

The 4^th edition of the European Compliance and Ethics Conference (ECEC) was hosted virtually by EQS Group, the market-leading compliance RegTech provider. Over 6000 participants from nearly 150 countries across the world attended Europe’s largest industry gathering live. The event, featuring insightful sessions from more than 30 thought leaders, underscored EQS Group’s commitment to fostering global dialogue and shaping the future of compliance, particularly in a constantly evolving landscape.

"Credibility has never been as important as it is today, but at the same time, surveys show that global trust in business is only 62 percent - which is why we all need to commit to the right values and a healthy and transparent corporate culture. This is the only way we can meet the challenges of tomorrow," said founder and CEO of EQS Group Achim Weick, in his opening speech.

Enhancing Compliance and Culture within Organizations

Successfully navigating challenges during times of crises was one of the key points of discussion during the event. In a panel discussion about how to uphold company values in crises, industry luminaries in the field of ethics, risk and compliance departments weighed in on the role of management in influencing a sense of corporate responsibility, concluding that honest conversations and tone at the top were vital in helping organizations regain trust after a crisis.

This practical strategy was later echoed by corporate ethics consultant Dr. Bettina Palazzo and Richard Bistrong, an internationally renowned anti-corruption and ethics consultant who emphasized that ‘rules without relationships lead to rebellion’, stressing the importance of shifting from mere risk management to fostering a broader culture of responsibility.

Transforming Compliance into a Competitive Advantage

While a survey conducted by EQS Group showed that 21.4 % of compliance officers were concerned that their roles would be replaced by AI, the mood at ECEC regarding AI was far from grim. In fact, in a forward-looking session by Anne Vogt, Head of Compliance & Data Protection at FREENOW, the transformative impact of AI on the role and functions of compliance officers was examined. She emphasized the need for a proactive approach in leveraging AI technologies while pointing out that compliance teams should have oversight of AI governance in organizations.

The possibilities and limits of AI in compliance were explored in depth in a dynamic conversation between compliance professionals and lawyers. A nuanced understanding of the ethical considerations surrounding AI applications was encouraged while urging organizations to strike a balance between innovation and the responsible use of emerging technologies.

The Role of Organizations in Protecting Whistleblowers

Sandwiched between discussions around corporate culture and AI was the sobering story of whistleblower Alison McDermott who talked to journalist Katy Diggory about the horrendous reprisals she suffered after denouncing bullying, sexual harassment, homophobia and racism at the Sellafield nuclear power plant in 2018. Stressing the importance of putting clear safeguards in place, she laid out the need for organizations to investigate reports first in addition to having policies and procedures, training and communication as well as confidential reporting processes in place.

ABN Amro Wins the ECEC Award

Every year, the ECEC Award recognizes an outstanding compliance project, and this year saw a record number of submissions, from 25 organizations. Marcus Sultzer, CRO and Member of the Management Board at EQS Group, said that the participation - which saw a significant jump from last year - demonstrated the high regard in which the award is held in the industry. The three finalists selected by the ECEC Award jury were ABN Amro, Iberdrola and Vodafone. Dutch bank ABN Amro came out on top in the live voting with its "Dilemma on X-Day" project, which gets employees involved in interactive compliance situations. 

The ECEC will take place again next year. You can pre-register for a ticket at www.ecec-community.com.  

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