Risk reduction? Value creation?

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1 The power of culture: Risk reduction? Value creation? Find out what applying a cultural lens to your organisation could reveal

2 Measuring the effectiveness and value of culture and potential risks is one of the issues that is now fundamental to a company s performance, yet is absent from most corporate reporting and auditing. The right approach to assessing culture is now critical for boards, auditors, investors and regulators. Hywel Ball Managing Partner Assurance, UK & Ireland, EY In today s world, intangible assets can represent up to 80% of a company s value 1. Cultural assessment Exponential data growth Cultural assurance Data mining and analytics Culture is now regarded as a key intangible asset. By assessing culture with objective, evidencebased tools and techniques, we re helping clients to make the intangible tangible, drive longterm sustainable growth and reduce risk. Can we measure culture? In a word, yes. Measuring and reporting on culture has historically been labour-intensive and the results hard to interpret. However, increasing access to Big Data, new ways to apply data mining tools to culture and the skills, capabilities and experience of our Corporate Integrity team is changing this. We re digitising the nose of the auditor. As a result, companies now efficiently obtain a considerably richer and more accurate picture as to the cultures that influence behaviours and generate value from an insightful, connected and responsive partner they can trust. 1 For example, see Annual Study of Intangible Asset Market Value 2015, Ocean Tomo, March 2015, 1 Cultural assurance 2

3 Is leadership aligned to the rest of the organisation? Values-based surveys offer actionable insights into people s perceptions and experiences, highlighting where employees beliefs as to a company s purpose and values may be misaligned with those held by its leaders. An even richer picture emerges when survey tools are paired with cultural analytics, such as applying sentiment analysis to review the content of written communications. Sentiment analysis can highlight unseen pressures that may impact behaviours, providing leadership with an early opportunity for intervention. Risk Reward Many of the biggest corporate scandals resulted from poor decision-making, rationalised by intelligent people working under intense pressure. In such circumstances, even people with good intentions can sometimes behave in ways that undermine an organisation s purpose and values. Historically, companies have focussed primarily on rules to influence workplace behaviours. However, decision-making is also driven by local values and beliefs. By applying data analytics and leading edge psychometric and culture assessment tools, organisations are now scanning for hidden cultural indicators of risk, leading to benefits including: Identifying and mitigating potential threat Protecting trust and reputation Increasing stakeholder confidence Reducing the cost of monitoring the compliance and control environment An increasing number of organisations are also turning to culture to drive performance. Aligning mechanisms, beliefs and capabilities with an organisation s purpose and values can reduce barriers to success that are often hidden, enhancing the potential for achieving key business objectives. This can lead to significant benefits for organisations, including: Driving efficiencies and reducing costs Fostering high performing teams Helping to enter new markets with confidence Attracting and retaining the best talent Our research identifies three areas that must be aligned for sustainable performance: 2. Mechanisms Leadership Sustainable performance Do the mechanisms (policies, procedures, KPIs, reward systems, etc.) further the organisation s objectives? When employees are under pressure, do the mechanisms encourage them to make decisions in line with the organisation s purpose and values? What do leaders and influencers believe is the organisation s purpose and values? Do they live the values and work toward the purpose when under pressure? Beliefs People s behaviours are influenced by their personal beliefs as to the real purpose and values of the organisation. How will those beliefs impact employees when making decisions that bind their organisations? 3 Cultural assurance 4

4 Who are the key influencers in my organisation? Understanding human interaction is a critical component to reducing risk and driving performance. Social network analysis uses contextual information (metadata) to build informal organisational charts, determine the strength of relationships and identify the influential members within your networks. The results can help mitigate risks before they materialise, and identify subject matter experts and others best positioned to promote important messages and initiatives. Political architecture Performance architecture Mechanical Performance and operational architectures Organisations have historically relied on mechanisms (e.g., reporting structures, operating models, policies and targets) to influence employee behaviours. But recent scandals demonstrate that although mechanisms are an essential part of influencing behaviours, they have significant limitations when relied upon exclusively or too heavily. Even the best intended rules can be overwhelmed and sometimes incentivise undesired behaviours when culture is ignored. Increased digitisation, globalisation, more flexible ways of working and teaming with third parties have also heightened organisations need for a tangible understanding of the cultural contexts in which their people are working. Where does power lie and how is it used? LEADERSHIP Social architecture LEADERSHIP ENVIRONMENT What values govern relationships and what behaviours do these drive? Political Social ENVIRONMENT Performance Individual How does the environment affect decision-making? ENVIRONMENT Operational LEADERSHIP How do economic and performance objectives drive behaviour? ENVIRONMENT Operational architecture LEADERSHIP How do organisational frameworks, systems and processes affect behaviour? Human Social and political architectures Relationships and power structures also influence behaviours and decision-making in critical, but often overlooked ways. Many organisations attempt to guide these structures through codes of ethics, values statements and training. However, the impact of these is often limited. To achieve greater influence over the values and beliefs that inform behaviours, organisations need to better understand the political and social domains that shape the environments in which decisions get made. 5 Cultural assurance 6

5 Which teams use risky behaviours to hit their targets? Which teams act with high integrity? Our integrated cultural assessments enable organisations to gain a comprehensive picture as to team dynamics and the ways they impact on performance and risk. Often involving a range of evidence-based tools and techniques that can include interviews, discussion groups, psychometric surveys and mechanism reviews, cultural assessments can provide leadership with granular insights from the front line. What How Historically, most organisations have measured performance by assessing economic results (the What ). However, experience demonstrates that to encourage sustainable performance, organisations also need to focus on the ways teams achieve those results (the How ). Overlooking the How can unintentionally drive behaviours that put organisations at risk. Where employees beliefs and values are misaligned with the organisation s purpose, pressure to perform can sometimes compromise the quality of decision-making. By contrast, where alignment exists and pressure is thoughtfully applied leadership can effectively support the achievement of sustainable results. Local cultures affect how individuals make decisions. Understanding how political, social, operational and performance architectures interact within teams, and making necessary adjustments, is critical to influencing how employees exercise judgment. Neither people nor teams are static. To sustain high performance, organisations need to assess and understand the underpinnings of teams that achieve great results with high integrity. Replicating those teams across the organisation, can drive even greater levels of high integrity performance. Where are your teams today? Low Integrity High Low Performance High 7 Cultural assurance 8

6 Value Leadership Finance Risk Mergers & Acquisitions No single function in an organisation owns the understanding and management of culture. Rather, corporate integrity, and applying a cultural lens to risk and performance, is strategically important to a range of business areas and their functional heads, with each standing to derive significant and unique value through investing in. Mergers & Acquisitions Human Resources Compliance Leadership What business challenges would a clearer lens on culture help you address? Risk Finance Internal Audit Understand if the culture you have is the culture you need to help meet your organisation s objectives Get a better understanding of the value of culture to your organisation, and the values that shape that culture Understand how tone from the top is being received and interpreted Gain confidence that your culture safeguards your brand, board and firm s reputation Understand the sub-cultures within your organisation and how to influence these Ensure that your culture is enabling your people to do the right thing Give visibility and confidence in your organisation s culture to your regulators and other stakeholders Ensure leadership development programmes are fit for purpose Enable a culture that promotes innovation Enhance the effectiveness of business transformation and performance improvement programmes Map cultural indicators to value Understand where behaviours and values impact the bottom line Gain assurance that your organisation is delivering sustainable performance Provide a clearer picture of profit vs. integrity in your organisation Understand if the suppliers you work with align to your organisation s values Enhance finance transformation programmes Internal Audit Gain a clearer picture of culture for reporting and future benchmarking Identify where rules and procedures need to be adapted to better suit the culture of your organisation Identify cultural risks and opportunities that the board should be aware of Gain confidence that your culture supports employees when they have to make difficult decisions Understand where pressures are being applied to people that may result in higher risk behaviours Pinpoint where risk management policies can be improved through consideration of culture Know that you are taking a realistic approach to risk assessment Compliance Understand how the culture of your organisation is impacting the level of compliance Balance people, principles and policies more effectively in your compliance framework Fully empower employees to speak up Strengthen employees awareness, buy-in and trust in compliance processes Understand the differences and similarities in organisational cultures pre-merger Effectively plan for cultural integration Identify areas of cultural strengths and weaknesses Ensure that the positive aspects of an organisation s culture are retained Shape a new, fit for purpose culture post-merger Human Resources Attract and retain the right talent Improve staff engagement Enhance the effectiveness of HR transformation programmes 9 Cultural assurance 10

7 About our Corporate Integrity team Our Corporate Integrity team are highly experienced in all aspects of cultural assessment and organisational change and development. Contacts Hywel Ball Managing Partner Assurance, UK & Ireland +44 (0) Kevin Hills Partner, Head of Corporate Integrity +44 (0) The team brings together a diverse group of industry experts including forensic analysts, psychologists, psychometric experts, facilitation, coaching and counselling professionals, and risk, compliance and governance specialists. Throughout the assessment, diagnosis, reporting and change phases of our work, we leverage a team with a wide-ranging skill set and comprehensive credentials. We work together with you to ensure the development of your own skills and capabilities, as well as helping you embed continued learning and development across your organisation. John Davies Executive Director, Corporate Integrity +44 (0) jdavies1@uk.ey.com Loree Gourley Director, Regulatory & Public Policy +44 (0) lgourley@uk.ey.com 11

8 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. Ernst & Young LLP The UK firm Ernst & Young LLP is a limited liability partnership registered in England and Wales with registered number OC and is a member firm of Ernst & Young Global Limited. Ernst & Young LLP, 1 More London Place, London, SE1 2AF Ernst & Young LLP. Published in the UK. All Rights Reserved. EYG No: ED None In line with Ernst & Young s commitment to minimise its impact on the environment, this document has been printed on paper with a high recycled content. Information in this publication is intended to provide only a general outline of the subjects covered. It should neither be regarded as comprehensive nor sufficient for making decisions, nor should it be used in place of professional advice. Ernst & Young LLP accepts no responsibility for any loss arising from any action taken or not taken by anyone using this material. ey.com/uk

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