self-development Archives - Compliance Culture

Insights from self-development and coaching for compliance officers

This is the second in a series of four posts on insights for compliance officers from different fields of study. Last week’s post was about lessons from psychology regarding motivation and choice, from prominent figures such as Abraham Maslow and Sheena Iyengar. Today’s post will discuss insights from self-development and coaching. Next Tuesday’s post will be about insights from behavioral economics. Finally, on March 13, the last post in this series will discuss how business management theories can be useful for compliance officers.

Much like the insights from psychology discussed in last week’s post linked above, theory of self-development and coaching can be very useful for creating and cultivating a culture of compliance at both the individual and organizational levels. Focusing on thoughtful growth and progress, inner success and ethical achievement, and a values-based, sustainable approach to strategy and mission are all necessary for fostering integrity in organizations and groups or people within them. Motivational writings on paths to self-development and tips for effective coaching can translate easily to informing a compliance culture.

Compliance and Stephen R. Covey’s “emotional bank accounts”

Stephen R. Covey’s famed self-development insights can also be applied to compliance and ethics. The acclaimed author of the worldwide best seller The 7 Habits of Highly Effective People has provided motivation to managers, students, and progressive people for many years. Covey’s work was far more than just a self-help guide or a management how-to. With his emphasis on character ethic as well as values and principles, Covey created an interesting body of work that can be broadly used in crafting the business mission statements he endorses so heartily, from a compliance and ethics and perspective.

This post takes an in-depth look at each one of Covey’s 7 Habits to explore the applicability of each one for the work and goals of compliance professionals. All seven of the habits encourage conduct that is positive and productive for compliance risk awareness. Inner success, sustainable and functional interdependence, and strategic, purpose-driven vision are just some examples of the compliance culture qualities that the 7 Habits consistently endorse. Trustworthiness, credibility, and honesty are the cornerstones of individual relationships and organizational identities in Covey’s system.