The Compliance Journey: From Checkboxes to Compliance Risk Management

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Compliance is not easy. Organizations across industries have global clients, partners, and business operations. The larger the organization the more complex its operations. Adding to the complexity of global business, today’s organization is dynamic and constantly changing. The dynamic and global nature of business is particularly challenging to compliance risk management. As organizations expand operations and business relationships (e.g., vendors, supply chain, consultants and staffing) their risk profile grows exponentially. Compliance activities managed in silos often lead to the inevitable failure of an organization’s governance, risk management, and compliance (GRC) program. Compliance today is more than checking boxes on regulatory to-do lists, more than finding and fixing problems. Compliance and governance is evolving from scattered silos to a strategic enterprise pillar. Today’s business entity must ensure compliance risk is understood and managed company-wide. That its obligations are more than written policies, but part of the fabric of operations. That a strong culture ensures transparency, accountability, and responsibility as part of its ethical environment. A strong compliance program requires a risk-based approach that can efficiently prioritize resources to risks that pose the greatest exposure.

Yesterday’s compliance program no longer works. Boards desire a deeper understanding of how the organization is addressing compliance risk, whether its activities are effective, and how they are enhancing shareholder value. Oversight demands are changing the role of the compliance department to an active, independent program that can manage and monitor compliance risk from the top down. The breadth and depth of compliance risk bearing down on companies today requires a robust compliance program operating in the context of integrated enterprise risk management.

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Description

The Compliance Journey

From Checkboxes to Compliance Risk Management

Compliance is not easy. Organizations across industries have global clients, partners, and business operations. The larger the organization the more complex its operations. Adding to the complexity of global business, today’s organization is dynamic and constantly changing. The dynamic and global nature of business is particularly challenging to compliance risk management. As organizations expand operations and business relationships (e.g., vendors, supply chain, consultants and staffing) their risk profile grows exponentially. Compliance activities managed in silos often lead to the inevitable failure of an organization’s governance, risk management, and compliance (GRC) program. Compliance today is more than checking boxes on regulatory to-do lists, more than finding and fixing problems. Compliance and governance is evolving from scattered silos to a strategic enterprise pillar. Today’s business entity must ensure compliance risk is understood and managed company-wide. That its obligations are more than written policies, but part of the fabric of operations. That a strong culture ensures transparency, accountability, and responsibility as part of its ethical environment. A strong compliance program requires a risk-based approach that can efficiently prioritize resources to risks that pose the greatest exposure.

Yesterday’s compliance program no longer works. Boards desire a deeper understanding of how the organization is addressing compliance risk, whether its activities are effective, and how they are enhancing shareholder value. Oversight demands are changing the role of the compliance department to an active, independent program that can manage and monitor compliance risk from the top down. The breadth and depth of compliance risk bearing down on companies today requires a robust compliance program operating in the context of integrated enterprise risk management.

  1. Compliance and Risk Bear Down on the Organization
    • Compliance in Dynamic and Distributed Business
    • The Inevitable Failure of Compliance Silos
    • Compliance Risk Management: Does Your Organization Walk its Talk?
  2. Compliance: An Integral Part of Enterprise Risk Management
    • Reporting to the Board and Executive Officers
      • Building Relationships Across the Business
    • Understanding and Approaching Compliance Risk Management
      • A Framework for Managing Compliance Risk
      • The Role of Technology in Compliance Risk Management
  3. GRC 20/20’s Final Perspective
  4. About GRC 20/20 Research, LLC
  5. Research Methodology

rasmussenMichael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 23+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures, and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.


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