SEARCH

Most of this transformation has centered around the adoption of risk-based: strategies, operations, and

limitations that paper-based systems had was its inability to use data to adapt the process to contend with risk the appropriate level of approvals based on collected information to contend with different levels of risk

Compliance leaders know that when it comes to risk there is more than one type of dragon to contend with

This model incorporates the science of governing, systems, risk, and promise theories, along with Lean look up, look forward, and build what is needed to continuously stay between the lines and ahead of risk

In this article I want to discuss what is going on with the COVID-19 pandemic with respect to risk. The first risk will be what every one is talking about, the others are only now being discussed. Three Risks 1. You might say that the COVID-19 risk is now a reality and we are now facing the next risk which is, " COVID-19 Infection (risk) --> Economic Shutdown (risk measure) --> Loss of business, Loss of livelihood

It’s here that certainty programs are used to achieve compliance associated with buying-down risk that

making progress towards targeted outcomes, we are continuously advancing our capabilities to reduce risk

effectiveness requires application of strategies that are more proactive in nature that consider: outcomes, risks

Most threats are a manifestation of uncertainty which is the root cause of risk (ISO 31000). When risk behaves mostly like aleatory uncertainty (random, chaotic, complex): Assume the threat is Accept that negative outcomes may happen Treat uncertainty by buying down risk Develop capabilities to As our knowledge of the threat increases and effectiveness of risk measures is better understood our More articles on dragons, uncertainty and risk can be found here

efforts to cover all your obligations as well as strengthen pillars and/or functions where compliance risk

report was published following a review led by Dame Judith Hackitt focused on issues related to high-rise This aligns with the principle that: risk should be owned by those who create it which was introduced If you don't own your obligations you will not own the risks and treat them with the attention they deserve

Services: Frameworks like Basel III include both quantitative standards and qualitative principles for risk Integrate quality indicators into your compliance program: Incorporate them into your internal audits, risk