November 26, 2012
The International Business Ethics Institute announces the launch of a new program aimed at promoting successful industry self-regulation. Industry self-regulation programs of some form or another have existed for centuries, and the number and sophistication of industry initiatives have been steadily increasing for the last 20 years. Much of the increasing interest traces from a growing perception that business self-regulation (in concert with government oversight) can actually be more effective, and more efficient, than government regulation alone. Additionally, greater globalization creates a patchwork of regulatory requirements, with some nations deficient in ensuring the necessary public protections. Yet the effects of some issues, such as environmental concerns or stability of financial markets, transcend national borders.
The International Business Ethics Institute has conducted a yearlong research study into industry self-regulation programs. Preliminary results are remarkable. Among other things, the Institute’s research suggests that certain industry actions are strongly correlated with success, while other approaches show virtually no benefit. However, there is a lack of assessment tools to determine where initiatives are falling short of stated, objectives, and policy makers and regulators themselves lack the necessary resources to determine the extent to which certain industries should be allowed to self-regulate.
For corporate level self-regulation, groups such as the Ethics and Compliance Officer Association and Society for Corporate Compliance and Ethics provide detailed guidance and share best practices. However, there is no organization that serves as a clearinghouse for information about programs at the industry level, nor addresses their unique challenges and issues. CSISR aims to fill this gap.
To request more information on CSISR, please click here.