Coffee & Compliance - navigating the Intersection of Governance and Regulations #1

‍Today we are thrilled to launch the first edition of Coffee & Compliance, an interview series that delves into the world of corporate governance and the ever-evolving landscape of regulatory compliance. In this edition, we sit down with Anna Romberg EVP Sustainability, Legal & Compliance at Getinge, Co-Founder at Nordic Business Ethics and as we are very proud to say - Chairman of the board at North House. Anna holds a PhD in governance and compliance so we can’t think of any one more suitable to kick-off our interview series.Join us as we uncover valuable insights, expert advice, and intriguing perspectives on driving better compliance practices within organizations.

Interview with Anna Romberg

Compliance plays a crucial role in ensuring corporate governance. In your experience, what are the key elements that make an effective corporate governance framework?

Anna: Corporate governance is a broad topic and for many it means formal requirements around Board work and disclosures. For me good governance is all about putting structures, processes and competence in place to enable good business. How this looks like may be dependent upon legal requirements, but it is also very important to consider company specific objectives, challenges and risks when setting the overall governance framework.

With the rapidly evolving regulatory landscape, how do you stay up-to-date with the latest compliance requirements and incorporate them into your organization's governance practices?

Anna: What I love about the compliance profession is that it is a very connected community where professionals are sharing best practicies and lessons learned the hard way in a genuine way. I think this derive from a common passion for building more responsible organisations. I am also a co-founder of the Nordic Business Ethics initiative, which aims for being a platform for knowledge sharing.

When it comes to governing documents, what are some common challenges faced by companies in maintaining compliance? How can these challenges be overcome?

Anna: One of the main challenges is that governing documents risk becoming detached from the reality. It is good to ask whether our policies are "written by lawyers for lawyers" or whether all employees in the organisation easily can find the guidance they are looking for. It is easy to write a policy and think you are done, but it is actually the day to day implementation that matters. A regulator will not look at whether you had a well crafted policy, but at how it is anchored and understood at all levels in the organisation.

As a compliance professional, what advice would you give to aspiring compliance officers who want to make a positive impact on corporate governance and drive better compliance practices within organizations?

Anna: Start with the WHY, there is an ever increasing stream of regulation, and more is coming. In this context it is cruical to focus on the why, what is the objective for this regulation, what kind of behaviors should we promote and which should we avoid. Focus on the substance not the form. This will also be much more engaging. When faced with an ethial dilemma or red flag an employee will not think about "which legal paragraph applies here" but should instead be sensitised to identify the risks and pitfalls and know how to act when uncertain.

What are you most looking forward to this summer?

Anna: Reading, I read a lot of professional literature, articles and blogs. But during my holiday I try to read other type of literature, I am looking forward to lose track of time while reading a great (non-professional) book.

We all know that compliance can sometimes feel like navigating a labyrinth of rules and regulations. If you were to compare compliance to a popular board game, which game would it be and why?

Anna: Ah, what a great question, now I am revealing my poor knowledge of board games, can I call a friend :) One of my favorite board games, during rainy summer holidays growing up, was Scotland Yard. So I will pick that one. It is all about finding the clues and figuring out the pattern of red flags. "If it walks like a duck, quacks like a duck, looks like a duck - it is probably a duck." (my favorite compliance saying borrowed from Sam Eastwood).

Many thanks Anna for sharing your insights with us!

‍Join us for future editions of Coffee & Compliance as we explore the multifaceted world of governance and compliance, unraveling insights and experiences that shape the way organizations navigate the intricacies of regulations. Stay tuned for more compelling conversations!