Operationalizing your compliance program can take many shapes and forms. Using the entire risk management process to embed your compliance program within the contours of your organization is an important key step that will allow you to have full visibility of your compliance risks through a longer life cycle. Forecasting allows you to consider your business strategy and wed the risks you can foresee. Risk assessments allow you to evaluate and measure known risks. Risk-based monitoring allows you to monitor both the compliance risks you know about and detect those you do not know, on an ongoing basis.
Three key takeaways:
- The risk management process is an important backbone of operationalizing compliance.
- You should be able monitor and measure both known and unknown risks.
- All of these steps help a business to run more efficiently and more profitably.
