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An Investment-Risk Model to Address Firm Compliance: Interview with Robert Bird

An Investment-Risk Model to Address Firm Compliance: Interview with Robert Bird Scholasticahq BlogBy Tamara Beck New York (November 23, 2015)
An Investment-Risk Model to Address Firm Compliance: Interview with Robert Bird

Robert Bird

An Investment-Risk Model to Address Firm Compliance: Interview with Robert Bird

Scholasticahq Blog
By Tamara Beck

New York (November 23, 2015)

The stakes of corporate compliance in the United States and throughout the world continue to rise in response to new legal requirements, public expectations of corporate social responsibility, increased shareholder scrutiny, and improved compliance tracking technology. So why is it that, despite heightened focus on corporate compliance, many firms are still failing to comply with regulation? And what can be done to curb such failures?

Robert Bird, Associate Professor at the University of Connecticut School of Business, and his colleague Stephen Park, Assistant Professor at the University of Connecticut School of Business, are developing an investment-risk model of firm compliance that addresses how firms can approach compliance as an opportunity, rather than a cost alone, in order to generate a competitive advantage and build relationships with regulators. In the below interview Professor Bird shares the details of the model, which he and Professor Park presented this October at Baruch College’s Zicklin Center for Corporate Integrity, and which they are composing a paper about titled, “An Investment-Risk Model of Firm Compliance.”

Q&A with Robert Bird

How is corporate compliance evolving?

RB: Compliance has evolved dramatically, especially over the past twenty years. Before the compliance era in which we now live, there was little systematic consideration for how and under what conditions firms met necessary standards. Many firms simply pursued ‘checklist compliance’ and did so mainly to avoid sanction. Today the field of compliance is more complicated, in part because the stakes for compliance are so much higher. Never in modern commerce has the regulatory environment been so complex and the consequences so severe. Scholars are more closely examining the forces that drive corporate compliance and how a compliance initiative impacts the functioning of the organization.

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