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Conducting Compliance Risk Assessments and Benchmarking - A Systemic (and Price Effective) Approach

Recorded on: Jun. 27, 2018
Running Time: 01:04:15
Taken from the Audio-only Briefing Conducting Compliance Risk Assessments and Benchmarking - A Systemic (and Price Effective) Approach Recorded June 2018 in New York

Conducting Compliance Risk Assessments and Benchmarking - A Systemic (and Price Effective) Approach [01:04:15]

Compliance programs are a business necessity in today’s complex legal and compliance risk environment. Regulators, Inspector Generals, and the Federal Sentencing Guidelines clearly expect them; increasingly, so do customers, employees, and investors. The list of companies that have suffered serious regulatory, financial, reputational, and strategic liability due to compliance failures is ever-growing: clear examples are recent headlines regarding Wells Fargo, FLIR, Panasonic, and ZTE.

In contrast to other business systems, however, compliance programs can seem difficult to pin down on performance and management questions:
  • What is the return on investment of the compliance program?
  • Have we invested too little or too much in the program?
  • Is the compliance program aligned to our legal, regulatory, and operational risks?
  • How does our program compare with industry peers?
  • And perhaps most importantly, does the compliance program effectively shape employee behavior?

This Briefing will demonstrate an innovative approach for systematic assessment, benchmarking, and management of compliance program elements and performance.  The presenters will draw on their diverse, hands-on experience as in-house counsel and compliance professionals, regulators and prosecutors, organizational leaders, and social scientists to describe a process that integrates systematic assessment of: program structural elements; compliance issue area risk; program effectiveness and cultural alignment; cross-industry benchmarking; and performance and improvement over time. 

This presentation will address the following topics:  

  • How to utilize compliance program assessments to address the concerns of the Federal Sentencing Guidelines, regulators, Inspector Generals, and prosecutors.
  • What are critical structural elements of a compliance program?
  • How can an organization identify, measure, and assess the relative risk of the myriad possibly-applicable compliance issue areas?
  • How can an organization assess whether its compliance program is effectively shaping personnel behavior?
  • How can an organization quantitatively benchmark its compliance program against industry standards and its own desired performance level?
  • How can an organization leverage a compliance assessment to develop credible, targeted, and efficient program enhancement strategies?
  • How can an organization utilize a compliance program assessment to build credibility with regulators and reduce regulatory and strategic risk?
  • How can compliance personnel assess and communicate compliance risk and program performance in terms of the organization’s objectives?

Program Level: Intermediate

Intended Audience: In-house counsel, outside attorneys, board members, corporate officers, and other allied professionals responsible for the preparation of public reporting and disclosure documents

Prerequisites: A background in compliance controls and in preparation of public reporting and disclosure documents   

Advanced Preparation: None 

Presentation Material

  • A Systemic (and Price Effective) Approach to Conducting Compliance Risk Assessments and Benchmarking
    Randall Cook, Gerard F. McDonough, Waqas Shahid
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