Post on 12-Jan-2017
transcript
ESSENTIALS COMPLIANCE
2015
©Viktor Koen
KNOW THE LANDSCAPE
Stepping into a role which requires compliance management knowledge? Here is what we are hearing from our network to give you an insight into what you might need to know in 2015.
SPEAK THE LANGUAGE
TRANSFORM THE BUSINESS
1 2 3
KNOW THE LANDSCAPE TOP Trends for 2015
1
KEY STRATEGIC CAPABILITY
BROAD MANAGEMENT CHALLENGE
Compliance is becoming important to all businesses. Today, managing organisational risk is a challenge for
all sectors and industries and if not undertaken properly can cause fundamental damage.
Risk mitigation begin with management. Managers must have a specialised skillset, an understanding of
their organisational context, an ability to assess and mitigate risk in their areas of responsibility
and an understanding that it is their behaviours and those of their colleagues that ensure that compliance
can really be effective.
IN THE SPOTLIGHT
With regulatory negligence issues in the news, organisations are much more aware of the need to
improve their compliance capability.
Companies are elevating the status of compliance, but the role is often ambiguous. Compliance
officers are increasingly getting a direct line to their company's boss and/or their boards and 86%
companies feel they would benefit from enterprise wide integrated GRC.
INTEREST OVER TIME Google Trends Graph
of chief compliance
officers report directly to
their company's chief
executive or board, as
shown in separate 2013
surveys by
PricewaterhouseCoopers
LLP and Deloitte.
50%
VOICE OF THE EXPERTS Compliance experts tell us what are the big trends to watch out for
"We're in a battle royal for
talent in the compliance space,
across the board," -Cory Gunderson, head of risk-and-
compliance research ,Protiviti.
"There's a recognition that to be
effective compliance has to be
knitted into the fabric of an
organization. It's more of a role
in the leadership team within an
organization
-Paul McGreal, compliance expert and dean
of the University of Dayton law school
SPEAK THE LANGUAGE Water cool er terms
2
WATERCOOLER TERMS
Forensic testing is colourful shorthand to refer to periodic tests used to evaluate
the effectiveness of controls.
Risk assessment
GRC
is a phrase used to describe the process of identifying and
estimating the exposure to real and potential risks.
the umbrella term covering an organization's approach across these
three areas: Governance, risk management, and compliance.
3 terms in compliance management demystified
TRANSFORM THE BUSINESS Manager’s checklist to assessing the GRC function
3
• Is the organisation confident managing risk?
• Does the organisation have a Risk Appetite Statement?
• How often do you assess your internal controls?
Assess the GRC structure as it stands
• What is the cost of an integrated GRC vs no GRC process? Consider data
management costs, personnel costs and operational costs while carrying out this
analysis
• Where do you feel most exposed on compliance issues?
Carry out a quick cost-benefit analysis
• Do you need a compliance programme?
• Do you need analytics and risk modeling to mitigate compliance events
• What are the achievements of the current compliance programme to date?
Is further investment in compliance needed to achieve strategic goals?
Run through this checklist to assess the GRC function and create a blueprint for success
• Do you have sufficient compliance talent to address financial and reputational damage to your
organization?
• How is your organisation addressing employee skills gaps in the compliance function?
• Do you have the ability to attract and retain talent in a fiercely competitive environment ?
• Do you have adequate performance measures in place for compliance talent?
Assess talent requirement
Organisations need to demonstrate effectiveness to internal and external stakeholders.
• Do you have a strategy to communicate the effectiveness of your compliance capability?
Articulating your compliance plan to stakeholders
What aspect of compliance and risk management will drive the greatest demand for increased
compliance resources in your organisation in the coming years?
• Will it be risk assessment, assessing impact of changing regulatory environment, the building of
compliance risk management models,, reporting of compliance risk or implementation of compliance
risk management models across business lines? Or any other.
Future proof the compliance function
Run through this checklist to assess the GRC function and create a blueprint for success
IMI DIPLOMA IN THE MANAGEMENT OF COMPLIANCE
Your first step to earning a flexible Masters degree. Click here for details on IMI Masters of Business Framework
Click here
For more information, contact the team:
Freephone: 1800 22 33 88Email: programmeadvisors@imi.ie
Concern about
the risk to the
organisation
From: To: ethical leadership
WAKE UP AND SMELL THE RISK A snapshot of IMI Diploma in the Management of Compliance
Principles of Compliance
Regulatory Economics
Risk Management for
Compliance Professionals
Negotiation Strategy
Advanced Communication Skills
!
The IMI Diploma in the Management of Compliance provides you with the management skills to function optimally in a compliance environment by building and enhancing professional competencies across a broad range of relevant organisational areas.
Talk to our programme advisors today programmeadvisors@imi.ie 1800 22 33 88
Meet the Programme Director RosO’Shea
Visit www.imi.ie to watch an introductory video for the IMI Diploma in the Management of Compliance Programme.
Programme Duration:
The programme runs over 6 x 3 day modules. Classes run from 9.00am to 5.00pm each day. All teaching is held in the IMI’s National Management Centre in Sandyford.
Programme Dates:
13, 14, 15 January 201610, 11, 12 February 201609, 10, 11 March 201613, 14, 15 April 201611, 12, 13 May 201615, 16, 17 June 2016
© IMI 2015 programmeadvisor@imi.ie www.imi.ie 1800 22 33 88
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