By Adam Turteltaub
When considering whether or not to make a disclosure to a regulator, legal considerations typically dominate. Beth Socoski, Senior Manager at WellCare Health Plans, argues that one other key factor needs to be considered: the impact on corporate culture.
In this podcast, she argues that disclosures are an opportunity to demonstrate to employees the organization’s commitment to a culture of integrity. It’s an opportunity to demonstrate that the company doesn’t just talk the talk; it also walks the walk.
There are also enormous benefits to disclosures, she explains, when working with regulators. Given that incidents are bound to occur in any business, regulators are likely to be skeptical if you have none to report. By reporting issues and what you have done to resolve them, you prove to regulators your organization’s commitment to compliance.
Of course, just making the disclosure is not enough. It’s essential to conduct a root cause analysis and address the underlying issue. It’s also essential, especially for larger issues, to think through the communications plan to the staff and the timetable for implementing any changes to policies and procedures.
Spend some time listening to what she has to disclose about disclosures.