Tag: ERM

Categories
Innovation in Compliance

Taxman: Why Compliance Should Talk to Tax


 
Tom Fox is back again for a special new five-part series, Taxman: On the Intersection of Tax and Compliance. Tracy Howell, Tom’s colleague and tax expert extraordinaire, joins in to discuss the intersection between compliance and tax. 
 

 
Why Should Compliance and Tax Interact? 
All organizations have an enterprise risk management (ERM) system. One risk common to multinational companies especially is corporate tax risk; and yet, it tends to remain under the radar. While tax professionals are usually very good at identifying and mitigating tax risk, if there is no close interaction between compliance and tax professionals, the risks are elevated. 
 
Sophistication in Taxing Jurisdictions 
Most jurisdictions have a tax code, but street rules tend to also be in play. “You have to establish very early on that you don’t pay bribes,” Tracy advises. The results of following the law are more expensive, but it pales in comparison to the cost of putting your company at risk. 
 
Resources
Tom Fox’s Email
Tracy Howell | Email | LinkedIn
 

Categories
Compliance Into the Weeds

Compliance into the Weeds: Episode 121-The Role of the CRO in ERM

Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. In this episode, Matt Kelly (the coolest guy in compliance) and I take a deep dive intothe role of the Chief Risk Officer in overall Enterprise Risk Management. Some of the highlights include:
Some of the highlights include:

  • Why is effective ERM is more than simply operationalization of ethics and compliance?
  • Why the Board and senior management must take a holistic approach to ERM?
  • Why is it even more important for Boards and senior management to have better risk governance?
  • How do you define the role of Chief Risk Officer?
  • What is the role of internal audit in today’s analytical world of risk management?
  • Could or even should the role of the Chief Audit Officer evolve into the role of a Chief Risk Officer?

For more reading check out Matt’s blog post “The Chief Risk Officer Role”. Also listen to the Radical Compliance podcasthere.