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
Description
The Compliance Journey
From Checkboxes to Compliance Risk Management
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