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    How to Manage Risk and Compliance?
    How to Manage Risk and Compliance?
    How to Manage Risk and Compliance?
    Ebook213 pages1 hour

    How to Manage Risk and Compliance?

    By GAFM ACADEMY

    ()

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    About this ebook

    You have secured a new job or posted to some other position that requires your involvement in projects. Your new role as Risk and Compliance Officer is responsible for risk management and compliance. With zero knowledge of risk management and compliance, you get nervous and do not know where to start. You find numerous resources on the Internet discussing risk management and compliance processes, but they are not what you’re looking for. You need a structured methodology that you can execute soonest possible.
    How to Manage Risk and Compliance is the solution. This book will enhance your skills in risk and compliance.
    If you have purchased the slides’ presentation “Don’t Know How to Manage Risk and Compliance?” (available on Lulu.com), then this book shall enhance your learning experience.
    LanguageEnglish
    PublisherLulu.com
    Release dateFeb 14, 2022
    ISBN9781678022860
    How to Manage Risk and Compliance?

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      Book preview

      How to Manage Risk and Compliance? - GAFM ACADEMY

      Copyright © 2022 Zulk Shamsuddin, PhD / GAFM ACADEMY

      All rights reserved.

      ISBN: 9781678022860

      INTRODUCTION

      You have secured a new job or posted to some other position that requires your involvement in projects. Your new role as Risk and Compliance Officer is responsible for risk management and compliance. With zero knowledge of risk management and compliance, you get nervous and do not know where to start. You find numerous resources on the Internet discussing risk management and compliance processes, but they are not what you’re looking for. You need a structured methodology that you can execute soonest possible.

      How to Manage Risk and Compliance is the solution.  This book will enhance your skills in risk and compliance. 

      If you have purchased the slides’ presentation Don’t Know How to Manage Risk and Compliance? (available on Lulu.com), then this book shall enhance your learning experience.

      Chapter 1: Establish Risk and Compliance Strategy

      Chapter 2: Risk Identification

      Chapter 3: Perform Risk Assessment

      Chapter 4: Define Risk Response Strategy

      Chapter 5: Monitor and Control Risk

      Chapter 6: Develop Risk and Compliance Plan

      Chapter 7: Risks in Projects

      Chapter 8: Operational Risk

      Chapter 9: Risk Governance and Compliance

      Chapter 10: Leadership Management

      The process Establish Risk and Compliance Strategy is the first process out of the six processes associated with managing risk and compliance.

      In this process, the following topics will be discussed:

      Role and Responsibilities

      Importance of risk management and compliance in projects

      Governance structure and stakeholder responsibilities

      Role of compliance in risk governance

      Define risk management and compliance strategies

      Roles and Responsibilities

      As a risk and compliance officer, it is imperative to know what your roles and responsibilities are. A risk compliance officer ensures that the organization conducts its business processes in compliance with laws and regulations, professional standards, international standards, and accepted business practices.  These professionals perform audits at regular intervals and execute design control systems, advising the management on possible risks that might occur, and organization policies.

      The major task of a compliance officer is to uphold the ethical integrity of the organization and also ensure that business activities are conducted using a regulatory framework. These professionals carry out the risk management process by thorough planning of business and implementing the policies within the organization.

      Risk compliance officers are considered to be a vital component of corporate governance. They are also responsible to determine how an organization could be handled and governed. These responsibilities include maintaining good rapport between the stakeholders and adhering to the objectives set by the organization.

      The roles and responsibilities of a compliance officers vary depending upon the industry, but typical responsibilities are compiled below:

      They are accountable for ensuring all the essential guidelines are put in proper place accurately adhering to industry rules and regulations

      They conduct internal audits and reviews at regular intervals to ensure that compliance procedures are regularly followed

      They conduct environmental audits adhering to environmental standards

      The compliance risk manager role involves the safety of employees and businesses as well. It’s their part of duty to ensure all the tasks are done with higher accuracy. This job role is apt for the individual who gives attention to all the minute details within the organization.

      They have to ensure that all the employees are thoroughly updated about the organization’s policies, regulations, and processes

      Resolve employee issues about the legal risk compliances

      They should advise the management regarding the implementation of compliance programs

      They must adhere to the training and supervising the staff that needs attention to rules and regulations

      Revise rules, reports, and procedures at regular intervals to recognize the risks

      Skills for Risk Management and Compliance Officer

      Risk Management and Compliance officers should be self-motivated, extremely organized, and have strong communication and project management aptitude. Employers typically seek candidates with a bachelor’s degree, and the following skills:

      Communication skills - Irrespective of domain and job role having excellent written and verbal communication skills are indeed very much essential.  Similarly, the risk compliance manager should be capable to communicate with level employees.

      Risk assessment capabilities - The major steps involved in risk management are identification, analysis, planning, monitoring, reporting, and controlling risks. Hence, the risk compliance manager should thoroughly these steps and should be able to implement accordingly.  In order to assess risk and interpret them properly, having fundamental knowledge about rules and regulations must be defined clearly.

      Attention to detail - Most of the rules, regulations, and policies within the organization need detailed analysis. It’s essential to pay attention to all the minute details.

      Thorough knowledge about vulnerability - A Risk Management and Compliance officers should have comprehensive knowledge about security policies such as ISO standards, control, and abuse policies, regulations, monitoring, evaluation, review, and report associated with auditing.

      Business knowledge - Having an in-depth knowledge of business and IT will definitely ensure a smooth audit session. Essential IT tools and risk-compliance related technology should be always mastered by the compliance manager.

      Problem-solving skills - There are chances of risk compliance officers coming up with imprecise regulatory policies and business issues. Thus, having problem-solving capability requires implementation and monitoring the solution. The process should be carried out in considering pre-defined steps and appropriate feedback should be given to the chosen solution.

      Organizational skills - The risk compliance manager should possess multi-tasking skills. They should be clear about what has to be done and how the process has to be carried out.

      Strategic planning – the primary job of risk manager is determining the best possible risk mitigation plan for a project to get completed on time and within budget

      Project management – understanding how to identify and assess risks to ensure project completion within the timeframe and budget allotted 

      Computer skills – risk managers use specialized computer software for project management purposes, and also to produce visual presentations, using bar charts and graphs to explain the impact of risks to key project activities.

      COMPLIANCE

      In recent years, throughout the world we have followed the high level of corruption in various economic sectors. Several companies end up having their image and reputation weakened due to their proven involvement, both at the business level and in the political sphere. The imperative need to know and practice compliance in day-to-day activities arose in the midst of this reality, which affects companies of all sizes and industries. The concept of compliance in business aims to generate value for an organization and ensure its survival. This practice arises from the great financial impacts caused by factors such as:

      Absence of normative guidelines

      Misalignments to applicable laws

      Lack of adequate preventative tools

      Process management failures

      Operations without a structured information system.

      What is Compliance in Business?

      The verb comply means to conform to a rule, which explains much of the concept of the word. The meaning of the word compliance is related to the conduct of a company and its compliance with the rules of regulatory bodies. What is compliance in business, in short? It means to comply with laws and regulations. This concept covers all the policies, rules, internal and external controls to which an organization must conform. When in compliance, an organization’s activities will be in full accordance with the rules and laws applied to its processes. Both the company and all its people, including suppliers of interest, need to behave in accordance with the rules of regulatory bodies. In addition, they must ensure faithful compliance with the various internal normative instruments. Only in this way will the company comply with regulations for environment, labor, finance, work safety, operations, accounting, etc.

      How Important is Compliance in Business?

      Being able to say that a company is in strategic compliance is by itself a fundamental business strategy. It means that there is transparency and an increasing degree of management maturity. Being in compliance shows that managers and teams are in control of the processes and procedures, implemented and executed with effective political, commercial, labor, contractual and behavioral compliance. Not being in compliance means being unnecessarily high risk, which can lead to financial, equity and market losses, among many others. Risk management and compliance are closely linked. It is necessary to reflect and change management styles, adjust the way company information is handled and how people behave on a day-to-day basis, in order to achieve a level of excellence in compliance regardless of the business sector and size of the company.

      3 Focus Areas of Compliance to Ensure Records are Assets - Skytizens Documents Intelligence

      How To Align Management with The Concept of Compliance

      Now that you know what compliance in business is, check out some tips:

      Use information systems that support monitoring of the company’s activities and that conform to compliance processes;

      Have contract management for services and materials that is aligned with the levels of compliance established by the company;

      Strengthen inspection and inspection routines of activities, including those that do not usually have certifications;

      Focus on process compliance at the municipal, state, and federal levels;

      Have an active and updated system of standardization in the company;

      Have internal audit processes focused on the requirements to achieve compliance;

      Have control systems with adequate depth degrees;

      Have structured communication about the normative instruments of the company.

      What is a Compliance Framework?

      Formally, a compliance framework is a structured set of guidelines to aggregate, harmonize, and integrate all the compliance requirements that apply to your organization.  In practice, a compliance framework lets you take a collection of documents, policy manuals, procedure descriptions, mission statements, regulatory mandates, control documentation and meld those things into one cohesive whole. A

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