as global regulations proliferate, and as stakeholder expectations increase, organizations are exposed to a greater degree of compliance risk than ever before. to help resolve this situation and continue to add value to their organizations, ethics and compliance professionals need to be sure they understand the full spectrum of compliance risks lurking in each part of the organization. while there are a number of factors that separate the “good” from the “great,” in our experience, there are five factors that are key differentiators in the highest performing compliance programs: click here to download a compendium that provides details about all five ingredients.
this article takes a look at compliance risk assessments. download the pdf for insights on: deloitte refers to one or more of deloitte touche tohmatsu limited, a uk private company limited by guarantee (“dttl”), its network of member firms, and their related entities. dttl and each of its member firms are legally separate and independent entities. in the united states, deloitte refers to one or more of the us member firms of dttl, their related entities that operate using the “deloitte” name in the united states and their respective affiliates.
doj guidance states that prosecutors should consider whether the compliance program is appropriately “designed to detect the particular types of misconduct most likely to occur in a particular corporation’s line of business” and “complex regulatory environment.” an effective risk assessment should begin with a detailed picture of the compliance landscape your company operates in. once you have a detailed picture of your company’s operations and the compliance landscape your company operates within, it’s time to identify the compliance risk contact points or specific company operations that present the potential for violating applicable regulations. you should rank your program’s gaps in terms of risk criticality and the resources required to remediate them.
regular compliance risk assessments is just one important element of an effective compliance program, to learn about the other program elements that are necessary for fostering a culture of ethical behavior and compliance, check out our ebook the 10 key elements of an effective compliance program. prior to founding hyperproof, craig founded azuqua and was a leader at microsoft where he led the development of microsoft dynamics, access, and excel. dave is passionate about collaborative company culture and software that “just works,” so he is excited to be making both a reality at hyperproof. prior to hyperproof, she led the channel business for scribe software in both the us and emea.
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