With international value chains becoming more sprawling and complex, the idea of risk management in such behemoth structures may cause compliance practitioners to break out in a cold sweat. That’s especially true when corporate corruption scandals make headlines across the world, denting stock prices and ruining hard-won reputations. It is hard to think of an organization whose failures are more public than the National Aeronautics and Space Administration (NASA). The age-old fascination of space fuels big-budget Hollywood films such as The Martian and the new Star Wars movie. New global economic powers like China and India are launching ever more ambitious space programs.
As the world’s largest space agency, NASA is watched with fascination, as a pioneer and, for Americans at least, a source of national pride. Given that its missions often push the boundaries of what is possible, its operations also entail a high risk of failure. Despite this high level of public scrutiny — or rather, because of it — NASA cultivates a culture of transparency and openness among the entire organization, particularly among its leadership. It is only through maximum transparency and information sharing that potentially fatal flaws can be quickly uncovered and remedied before they become mission critical. Furthermore, 100 percent of NASA’s space missions and 80 percent of all science missions involve international collaboration; thus, NASA’s value chains are truly international.
At a recent talk hosted by the World Bank Group, Dr. Edward Hoffman, NASA’s Chief Knowledge Officer, spoke about how NASA addresses supply chain management challenges in the constant pursuit of excellence. Among these thoughts were some key lessons for the anti-corruption compliance world: Read more…