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Ethics: Ethisphere Blog - Good. Smart. Business. Profit.
Pfizer Earns Compliance Leader Verification from the Ethisphere Institute
Ethisphere?s Compliance Leader? Verification recognizes and rewards organizations with outstanding compliance programs and training
NEW YORK, June 23, 2011 ? Pfizer (NYSE: PFE) has earned the coveted Compliance Leader Verification from the Ethisphere Institute, a leading international think-tank dedicated to the research and promotion of best practices in corporate ethics and compliance and the only independent third-party verifier of compliance programs and ethics cultures.
Compliance Leader Verification is exclusively awarded to companies with best-in-industry compliance programs that proactively invest resources in compliance and strive to prevent future compliance failures and breakdowns.
?We are pleased to receive this important honor from Ethisphere, which recognizes the high value we place on ethics at Pfizer and our dedication to ensuring our compliance program is as strong as it can be,? said Douglas M. Lankler, Executive Vice President and Chief Compliance & Risk Officer for Pfizer.
The Ethisphere Institute uses a proprietary system of tools, templates, metrics and indicators to evaluate the quality and effectiveness of compliance initiatives and key program components to determine whether it merits Compliance Leader Verification, including an organization?s standards (code and policies); board of director oversight; program structure and responsibility; training and communications; due care; monitoring and auditing; and enforcement and discipline.
?Pfizer stood out to the verification team for several of its initiatives, including its risk mitigation program RAMP, which helps the company identify potential issues early on, as well as new, comprehensive and engaging global training processes for the company?s employees,? said Alex Brigham, executive director of the Ethisphere Institute.
Ethisphere?s analysis found that Pfizer has shown leadership within the highly regulated and litigious pharmaceutical industry.
?The Compliance Leader Verification process examines every aspect of a company?s compliance program, ensuring the company doesn?t just meet the letter, but also the spirit of all relevant laws,? said Brigham. “This is measured against best practices within a constantly evolving regulatory environment. We are impressed with the steps that Pfizer has taken to develop critical aspects of its compliance program.?
Although this is a significant milestone for Pfizer, Lankler acknowledges compliance is a never-ending process that requires constant attention and reevaluation.
?Over the past decade, there?s not been a single year in which we didn?t make significant improvements to Pfizer?s compliance programs, and we?re proud of the steps we have taken ? many of which go beyond a strict interpretation of government requirements,? Lankler said. ?That said, we obviously would never contend that we have a perfect system: Pfizer is a very large, multinational company that is part of a complex, tightly regulated industry, and we actively look for problems. So we expect to continue dealing with issues. In our view, the most important consideration is how we respond to and learn from missteps. How do we keep getting better? And how do we ensure that all colleagues understand the company?s policies and their own responsibility for acting with integrity? This is an absolute priority for us at Pfizer.?
More information about Compliance Leader Verification is available at http://ethisphere.com/ethisphere-2010-compliance-leader-verification/.
About Ethisphere Institute
The research-based Ethisphere Institute is a leading international think-tank dedicated to the creation, advancement and sharing of best practices in business ethics, corporate social responsibility, anti-corruption and sustainability. Ethisphere Magazine, which publishes the globally recognized World?s Most Ethical Companies Ranking?, is the quarterly publication of the Institute. Ethisphere provides the only third-party corporate credentialing of compliance programs and ethical cultures, Ethics Inside Certification®, Compliance Leader Verification and Anti-Corruption Program Verification. The Institute?s associated membership group, the Business Ethics Leadership Alliance (BELA), is a business ethics and GRC forum that includes more than 100 leading corporations, universities and institutions. BELA is dedicated to the development and advancement of members through increased efficiency, innovation, tools, mentoring and shared best practices. More information on the Ethisphere Institute, including ranking projects and membership, can be found at http://www.ethisphere.com.
At Pfizer, we apply science and our global resources to improve health and well-being at every stage of life. We strive to set the standard for quality, safety and value in the discovery, development and manufacturing of medicines for people and animals. Our diversified global health care portfolio includes human and animal biologic and small molecule medicines and vaccines, as well as nutritional products and many of the world?s best-known consumer products. Every day, Pfizer colleagues work across developed and emerging markets to advance wellness, prevention, treatments and cures that challenge the most feared diseases of our time. Consistent with our responsibility as the world?s leading biopharmaceutical company, we also collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. For more than 150 years, Pfizer has worked to make a difference for all who rely on us. To learn more about our commitments, please visit us at www.pfizer.com.
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