Beacon Risk and Compliance’s Post

Compliance officers reported that the top three areas with which compliance is now involved are: - the implementation of a demonstrably compliant culture (58%), - the setting of risk appetite (51%), - and assessing the effectiveness of corporate governance arrangements (48%). (Thomson Reuter's Cost of Compliance Report 2023) #GRC #Compliance #Governance #Riskmanagement #Complianceautomation

Each entity has unique objectives and therefore unique risks rises from its internal and external environment. Governance, ERM and Internal Audit assist in developing unique controls addressing these risks. One of these risks could be lack of goal congruence among Mission, strategy and objectives. #InternalAudit #Governance #RiskManagement #AuditCommittee #Compliance #CorporateGovernance #InternalControls #AuditExcellence #BoardGovernance #EnterpriseRiskManagement #ControlEnvironment #AuditProfessionals #GRC #AuditInsights #InternalAuditFunction

Compliance risk assessments aid businesses in navigating complex regulations, fostering ethical practices, and identifying potential issues. Here's everything you need to know ⬇️ #compliance #riskassessment #tipsandtricks

Compliance risk assessments aid businesses in navigating complex regulations, fostering ethical practices, and identifying potential issues. Here's everything you need to know ⬇️ #compliance #riskassessment #tipsandtricks

🔒👥👁️🗨️📜🤫🔍 6 Most Important Actions That a Board Can Take to Avoid Corporate Scandals 🚫🕵️♂️🏢 1️⃣ Establish a Strong Ethical Culture 🌱 Cultivate a corporate culture that places a high value on ethics and integrity, with clear ethical values and principles integrated into the company's mission and vision. 2️⃣ Appoint Ethical and Competent Leadership 👥 Ensure that the CEO and executive team have a track record of ethical leadership and competence, and regularly evaluate their performance based on ethical conduct. 3️⃣ Effective Oversight 👁️ Provide effective oversight of management, with a focus on financial reporting, strategic planning, risk management, and operational performance. Establish board committees with clear charters to oversee specific areas of concern. 4️⃣ Compliance and Internal Controls 📜 Implement robust internal controls, compliance programs, and reporting mechanisms, and regularly review and audit their effectiveness. 5️⃣ Whistleblower Protection 🤫 Establish a confidential and anonymous whistleblower program to encourage the reporting of unethical or illegal behavior without fear of retaliation. 6️⃣ Transparency and Accountability 🔍 Promote transparency in financial reporting, operations, and communication with stakeholders, while holding management accountable for meeting financial and non-financial performance targets. These actions collectively contribute to a culture of integrity, transparency, and accountability, helping to prevent corporate scandals and maintain trust with stakeholders. #grc #audit #risk #internalaudit #riskmanagement

It is not about preventing the risk. It is about understanding the risk and address it through the most effective and efficient way (Including acceptance in some instances). #riskmanagement #InternalAudit #Governance #Compliance #Audit #RiskAssessment #BusinessRisk #InternalControls #CorporateGovernance #EnterpriseRiskManagement #RiskAnalysis

Valuable #insights for chief compliance officers (#CCOs) from my KPMG US colleague Amy Matsuo in this interview for Risk & Compliance Magazine. The feature covers key challenges for compliance risk leaders, how CCOs can demonstrate business #value, responding to evolving #ESG requirements, investments in #technology and #automation, attracting, retaining and upskilling #talent and more. It also includes findings from the KPMG 2023 Chief Ethics & Compliance Survey. Read more here: https://bit.ly/46vUgo1 #KPMGTrustedImperatvie #KPMGRiskServices #compliance #risk #CCO #regulatory

Exciting news to share with my network! Just a year ago, I passed my Advanced Certificate in Regulatory Compliance with the International Compliance Association. Today, I am thrilled to announce that I have passed my Diploma in Governance, Risk & Compliance with them too! Achieving this milestone has been a huge accomplishment for me and I am grateful for the opportunity to further my knowledge and expertise in this field. Thank you to all who have supported me on this journey! #RegulatoryCompliance #Governance #RiskManagement #ComplianceEducation

One can draw many analogies between how we manage risks in our personal lives vs managing risks in an enterprise, theoretically - but the critical factor in practically managing business risks, is that the risk teams (including legal and compliance) won't be able to do their assessments meaningfully (and by that I mean in a way that enables business) if they operate in isolation and do not collaborate with core business and product teams #compliance #riskmanagement #grc #collaborationisthekey