Dear Integrity Partners,
I would like to share a few thoughts on how we see the integrity management landscape changing.
Our society is changing fast; increasing ethical expectations, generational differences, heightened transparency, greater enforcement, and vast technological advancements. And the law no longer has a monopoly on defining what is considered acceptable in society.
As a result, these changes will drive much greater demand for solutions in our space. This is good news.
It will also, however, lead to greater pressure on costs. In almost all other industries, technology has enabled better, faster and more affordable services to individuals and companies.
Our industry, on the other hand, has not yet faced such disruption. It is still largely dominated by law firms and big4, offering traditional, often paper-based, expensive solutions.
We want to change that.
Many services will be standardized and clients now expect the same digital offerings in the integrity and compliance space, as they have seen in other areas of their business.
In fact, we believe that those who fail to adapt to new client expectations, and do not deliver technology-based solutions offered through new business models, will not only miss out on a massive opportunity. They will struggle to stay relevant.
But technology alone will not suffice either as this is a topic not yet well understood by most clients. It must be combined with domain knowledge to support clients along the Integrity & Compliance Journey.
The availability of technology-based real-time data, means that client offerings have to go beyond traditional rules- and control-based activities, to now reflect an understanding of human behavior to actually improve ethical conduct.
This will drive more ethical decisions with all accompanying societal benefits. However, these new requirements will also be necessary to even establish a proper legal defense.
It will no longer be sufficient for companies to evidence that employees were given a (long, legalistic and paper-based) Code of Conduct when they joined the company or clicked through an e-learning while looking the other way.
Rather, companies have to guide employees decisions and encourage the right conduct at the very moment when decisions are taken - and be able to evidence it together with real-time data. Read more about what new expectations mean for lawyers here.
At the PolicyStore, we are keen on playing a key role in changing our industry, with great potential for you.
We have been embedding behavioral economics insights into our solutions and approach to integrity management for some time. You will surely like this great video about dishonesty (bottom of the page), which highlights several of these behavioral elements that challenge traditional methods to compliance management.
As an example of our tools, the Moral Compass, available in the PolicyApp, has been shown to reduce unethical conduct in a small, experimental study by Harvard Business School faculty. Moreover, our Social Compass improve decision-making by crowdsourcing opinions from peers and experts when taking decisions. And our Moral API leverages behavioral economics and machine learning to nudge people for honesty.
INTEGRITY PARTNER OPPORTUNITY
We offer you as Integrity Partners the potential to work flexibly in your own businesses, where and whenever you want.
You have the unique opportunity to offer a comprehensive solution that creates long-term client relationships, by supporting them along the entire Compliance Journey - not simply one element.
And you will generate recurring monthly source of income, through our subscription-based Compliance as a Service model.
Finally, we position you at the forefront of technology and ‘future-proof’ your career, by enabling you to offer cutting-edge client solutions, without having to invest significant time and money into developing and maintaining these solutions. We take care of that.
We believe these unique elements of our partnership; flexibility, steady income and off the shelf leading technology, offer you an unprecedented business opportunity. And one that is compatible with modern life by addressing several of the challenges of any entrepreneurial business.
Of course, the shift from today’s hourly-based advisory services addressing a current client issue, towards technology-enabled solutions driving long term engagements and supported by your local expertise to ensure implementation, represents a change.
And change is rarely easy. Few are willing and able to lead the way when the landscape changes.
As you are aware, we are not giving this opportunity to everybody. We partner only with professionals with significant domain expertise, stellar references and with a commitment to help shape the change.
We hope that you will take this unique opportunity and join this exciting journey.
kind regards, dan