Words cost: the value of plain language

Plain language
Potential net annual cost savings of £250,000 or more should be music to corporate ears. Those ears however seem resistant to the siren song of plain language for regulatory compliance communications.

Evidence shows that small investments in clearer messages save significant time (and therefore money), and improve reader understanding and compliance. For example, in the US Federal Express revised its ground operations manuals, which staff had to search for an average of 5 minutes to find information, with only 53% then finding the right answer. Average search times with the new manuals fell to 3.6 minutes, with an 80% success rate and conservatively estimated annual savings of $400,000. [1]

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Posted on 15/06/2017 | 0 Comments

Failure to prevent offences: are they adequate or reasonable?

Iceberg
The second UK corporate offence of failing to prevent a crime committed by an associated person has just been introduced by the Criminal Finances Act 2017, covering facilitation of tax evasion and following in the tracks of the similar UK Bribery Act 2010 offence.

Most corporates would agree that aiming to prevent associates from committing crimes within the business is the right thing to do, and that the defences of having adequate procedures (for the UKBA) or reasonable procedures in all the circumstances (for the CFA) appear sensible. So this approach could provide a sound solution to the problem of corporate criminal liability. It should, however, be used with caution.

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Posted on 15/06/2017 | 0 Comments