This article appears in and is reproduced with the permission of Brazil's leading financial newspaper Valor Econōmico, from the original Portuguese version.
FIFA, football's world governing body, has just elected their new President in Zurich this week, Gianni Infantino, a Swiss-Italian lawyer.
More than 56% of internal auditors in the financial services sector in North America consider corporate culture a high risk in their organisations.
A quick poll by the Institute of Internal Auditors (IIA) Financial Services Audit Center (FSAC) revealed that while auditors were worried about the risks, only 7% of organisations have programs specifically dedicated to auditing corporate culture, and 50% simply don't audit culture.
When you consider scandals such as Volkswagen, 7 Eleven in Australia, Deepwater Horizon and News of the World, the latest data published on the auditing of culture is puzzling - and worrying.
In the wake of the Volkswagen scandal there are a few things that are likely to occur: The company’s brand may be irrevocably damaged and there will be tough questions that emerge around how this could possibly happen. More interesting, will be whether what has happened at Volkswagen emerges as an isolated incident, or whether there is an industry norm to install so-called ‘trick devices’.
Following Brazil’s ‘Operation Car Wash’ (Operação Lava Jato) corruption case – an event not dissimilar to Italy’s Mani Pulite Investigation in 2001 – most experienced Brazilian political scientists will recommend that business and risk analysts exercise a broad view of Brazil’s current situation, a view that extends beyond short-term scandals and the daily news headlines.
