Risk & Compliance
Compliance risk, also known as integrity risk, is the potential damage your organization faces when it fails to comply with industry standards, laws, and regulations. This risk involves both financial penalties, reputational damage and possible imprisonment of directors.
At first glance, corporate compliance and risk management might seem like the same thing: sets of policies, procedures, and controls that help your enterprise avoid unwanted events. That’s not quite right. Corporate compliance and risk management do have lots of similarities, but they’re decidedly not the same thing.
Corporate compliance is the program an organization implements to assure that its employees and third parties obey all relevant laws, regulations, and other obligations the business might have. At least, that’s the formal definition. More plainly, we could say corporate compliance is about helping your organization to avoid trouble with the law.
Risk management is the program an organization implements to help it identify and avoid unwanted risks. Risk management is broader than corporate compliance. It can encompass an enormous range of risks, and many of them will have nothing to do with violating laws or regulations.
Savvy use of technology is crucial to success for both compliance and risk management. Far too many compliance and risk professionals still use standard desktop software such as spreadsheets, Word documents, and etc and increasingly, those tools aren’t up to the task.
A well-coordinated risk and compliance program can address many of the challenges of the traditional, siloed approach to risk and compliance: these include miscommunications, interdepartmental tension, and inefficiencies.
What We Do
- Identify all applicable laws, regulations, and standards, including ISOs, that affect your industry and organisation.
- Risk and compliance assessment, discovering areas where your organisation fails to meet industry laws, regulations, and standards.
- Implement controls and procedures to effectively comply with industry laws, regulations, and standards.
- Keep apprised with updates and changes to the laws, regulations, and standards that shape your industry.
- Mitigate potential risks ensuring your organisation remains compliant.
What You Get
- A regulatory universe, list of all the regulatory standards that apply to your organization and identification of compliance gaps.
- Risk register prioritizing severe risks and addressing compliance weaknesses based on the severity and probability of the impact they pose to your organisation.
- Strategies, including opportunities, around how to stay protected from potential risks, understanding the functions and outcomes that would be affected by probable risks.
- Damage control measures, for addressing potential risks if they were to happen – business resilience.
- Control strategy for monitoring and measuring compliance weaknesses.
- Validation strategy, for verifying the effectiveness of your compliance controls with regular testing.
- Re-evaluate risks and update routinely as your organisation grows and industry standards evolve.
- Advising on your choice of GRC software – a single solution integrating with your organisation’s current policies and processes.
- Corporate Governance and Compliance.
- Risk and compliance training.