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By Yin Wilczek
June 2 — While corporate monitors can provide long-term benefits to companies, there also is a need for more transparency in what they do, according to a recent report.
“Monitoring the Monitors” was issued May 28 by the Ethics Research Center. It discussed the key issues addressed at a November 2014 conference during which the ERC explored the use of independent monitors to ensure companies abide by government non-prosecution and deferred prosecution agreements.
According to the report, conference attendees said the benefits of monitoring can be significantly improved if monitors were more transparent about their experiences. The attendees also wanted to hear about what works and what doesn't, and some suggested that monitors issue case studies and best practices.
Other attendees suggested that there should be more standardization of the monitoring process and a certification program to help identify qualified monitors.
The conference also addressed what makes a good monitor. The report found “wide agreement” that monitors should have an independent and questioning mind, and have good listening skills.
The conference attendees included government officials, corporate representatives and compliance officers.
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A summary of the report is available at http://www.ethics.org/resource/monitors-summit.
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