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Governance is the culture, policies, processes, laws, and institutions that define the structure by which companies are directed and managed.
Risk is the effect of uncertainty on business objectives; risk management is the coordinated activities to direct and control an organization to realize opportunities while managing negative events.
Compliance is the act of adhering to, and demonstrating adherence to, external laws and regulations as well as corporate policies and procedures.
Risk is the effect of uncertainty on business objectives; risk management is the coordinated activities to direct and control an organization to realize opportunities while managing negative events.
Compliance is the act of adhering to, and demonstrating adherence to, external laws and regulations as well as corporate policies and procedures.
The GRC system needs to take both sides of the organisation in concideration these areas in business are known as the Demand and Supply sides.
Our experiened consultants assist our Clients with the following problems in these organisations;
* Silos
* Lack of Visibility
* Poor Integration
* Complexity
* Duplication
* Wasted Resources and Information
* Fragmentation
* High Costs
* Vulnerability
Our experiened consultants assist our Clients with the following problems in these organisations;
* Silos
* Lack of Visibility
* Poor Integration
* Complexity
* Duplication
* Wasted Resources and Information
* Fragmentation
* High Costs
* Vulnerability
Manage Compliance
Organisations should pursue compliance through the creation and maintenance of an effective compliance programme.
· Creating a programme that reflects, incorporates and is integrated with your organisation’s culture, ethos and
corporate objectives.
· Designing a programme that is tailored and fine-tuned with specific regard to the size, form, complexity and history of
the organisation.
· Reviewing programme needs based upon an organisation's history of violations (if any), the risks of future violations
inherent in the operations of the organisation, industry standards and regulatory regimes, management standards
regarding essential components of compliance systems, and empirical studies of the effectiveness of compliance
practices.
· Directing organisation members toward compliance through compliance codes, operating standards, codes of ethics,
and other corporate policy and philosophy statements.
· Setting forth programme definitions and operating practices in writing and disseminating programme descriptions
through manuals and other appropriate media.
· Documenting specific steps taken in the implementation and operation of a compliance programme, including
systematic record making and document retention practices in organisational operations that will aid in monitoring
organisational compliance and in demonstrating the completion of compliance procedures.
Contain Risks
An effective compliance programme is designed to prevent, detect and respond to legal risks and to promote compliance with the law.
· Identifying liability-causing conduct based on industry or organisational experience, as well as the occasions for such
conduct.
· Identifying non-obvious and incipient misconduct that tends to promote illegal actions.
· Structuring compliance practices to be effective, while still enhancing an organisation’s business, assets and goodwill
and preserving its legal privileges and rights.
Respond to Change
An effective compliance programme is a dynamic process that is designed to be flexible and modified, when appropriate, to reflect changing conditions.
· Addressing the differing compliance problems and needs of dissimilar operating units.
· Providing for continuous operation of a compliance programme and incorporating it into the daily activities of the
organisation.
· Including mechanisms within a compliance programme that promote programme changes in response to new
business activities or other organisational changes.
· Recognizing that organisation members or other firms may develop new methods to achieve compliance and providing
mechanisms for identifying and evaluating those new methods.
State Compliance Policy
An effective compliance programme states that it is the organisation’s policy to comply with all applicable laws.
· Evaluating alternative methods that the organisation can use to effectively state its policies regarding compliance.
· Stating the organisation’s compliance goals and methods for achieving those goals in a clear and straightforward
manner.
· Making descriptions of compliance policies and practices readily available to all personnel who are subject to them.
· Stating, wherever appropriate, that certain areas of law are interrelated such that violations in one area of law may
result in legal obligations in a separate area.
Endorse at Top Levels
The highest governing authority within an organisation should endorse the organisation’s compliance programme.
· Choosing carefully the mode or modes by which a governing body or individual endorses the organisation’s
compliance policies and compliance programme.
· Providing for continuing, active participation of the organisation’s senior executives in promoting and overseeing a
compliance programme.
Create Compliance Accountability
An effective compliance programme establishes accountability for compliance throughout the organisation.
· Establishing mechanisms that hold all organisational directors, officers, employees and agents accountable for
compliance in the course of activities that they initiate or oversee.
· Designing a programme with input from knowledgeable individuals about likely gaps in compliance accountability.
Ensure Programme Fairness
An effective compliance programme is designed to operate fairly and equitably.
· Incorporating practices in compliance programme that treat all employees fairly and consistently.
· Providing mechanisms that guard against retaliation for raising compliance issues.
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