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How Every Risk and Compliance Manager can lessen compliance risk with 3 easy steps

A risk and compliance manager plays an extremely significant role in maintain a company’s ethical and legal integrity. The main role of a compliance is to ensure that the organization is working well within the industry standards and complying with all the government regulations in order to mitigate risk.

Lessen compliance risk with 3 easy steps

Stringent and ever-changing government regulations on companies has put a lot of burden on compliance and risk managers. Here are 3 easy steps which every risk and compliance manager can follow to mitigate risk in their organizations:

Underline a clear value proposition for compliance

As a compliance officer of an organization, it is very important to know what your organization’s vision for compliance is. How does compliance align with your overall business strategy? Why is it important with reference to achieving your business goals? How does government regulations and industry standards impact your organization? Once you have a clear insight of all these aspects, it is a good idea to get the entire leadership team aligned on the vision and mission. Just like any other program, a successful compliance program also requires support of the senior leadership. In order to ensure that all the employees are aware that your organization considers compliance as an important issue, you can ask the senior leadership to shoot a mail to all employees clearly stating company’s objectives about compliance. This will help you create an overall impact on the organization in context of compliance as well as help you ensure that everyone is on the same boat when it comes to compliance.

Conduct a compliance risk assessment

It is very important to adopt a compliance program which is tailored to the risks faced by your firm. The program should be comprehensive and equipped enough to tackle all the risks. An effective risk assessment is the one which has a detailed picture of the compliance landscape of the industry in which your organization operates. It should consider all the regulations which cover businesses like yours. For example, if you deal with third party or suppliers on a regular basis, then it is important for you to make sure that your suppliers are on the same page as yours when it comes to compliance. Your third parties should have sufficient compliance programs to address risks. In case they do not have their own compliance programs, then they should be willing to go through due diligence to mitigate any possible risks.

Automate compliance

Automating compliance process can help in addressing problems on priority. A good compliance management software will help you in making your job easier. An effective compliance management software is capable of storing data on your programs, control and capture your priorities, track the status of audits and requests, and can speed up the entire compliance machinery by minimizing manual tasks. The right software can make compliance easier for you.

To know about the best compliance management software, contact us.

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