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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