transcript   Transcript

How Much Compliance is Enough? An Enterprise Risk-Based Approach to Finding Your Compliance Investment Sweet Spot

Recorded on: Jan. 30, 2018
Running Time: 01:07:12

Full Transcript:

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Taken from the One-Hour Breifing Recorded January 2018 in New York

How Much Compliance is Enough? An Enterprise Risk-Based Approach to Finding Your Compliance Investment Sweet Spot [01:07:12]

A well-tailored compliance program typically makes good business sense. It reduces operating risk, helps insulate your organization and individual leadership from legal liability, protects your brand, increases employee engagement, and (over time) tends to correlate to better business results. But what is the right level and type of compliance investment? Like all business system expenditures, compliance spend is subject to the economic realities of lean organizational budgets. Moreover, both regulators and business management expect organizations to allocate limited compliance resources in ways that maximize their effects. Thus, the right level and type of investment, like the right compliance program, is particular to the risk situation of your organization (including industry, culture, operational scale, objectives, record, and regulatory regime and posture considerations, among others).  

This presentation will apply Enterprise Risk Management (“ERM”) and Governance, Risk, and Compliance (“GRC”) principles to develop an approach to qualitatively and quantitatively assess the compliance risk environment of your organization, and implement corresponding strategies to appropriately manage that risk through avoidance, transfer, or compliance program investment. The presentation is intended to provide compliance and risk professionals, attorneys, business owners and business leaders with ERM-based insights on how to assess, design, and justify compliance risks and program investment. The presenters will draw upon their diverse, hands-on experiences as enterprise risk experts, in-house counsel and compliance professionals, law firm attorneys, and government regulators to provide interdisciplinary perspective and methods for finding an organization-appropriate compliance investment sweet spot that is responsive to the concerns of regulatory, business, and financial stakeholders.  

Issues addressed will include:  

  • What is the value proposition of compliance investment?
  • What are the risks of compliance under-investment? Over-investment?
  • Should compliance investment be analyzed in the same manner as investment in other business systems (e.g., what is the company’s return on investment)?
  • What is the relationship between ERM and GRC, and how do they inform a risk-based approach to compliance?
  • What are techniques for an organization to evaluate its inherent compliance risk?
  • What factors, information and data should be considered in utilizing a risk-based approach to compliance and how should they be weighted?
  • What ERM strategies can an organization deploy to reduce its inherent compliance risk?
  • What are techniques for an organization to evaluate the effectiveness of its compliance controls and the extent of its residual risk?
  • How can an organization tailor its compliance investments to appropriately address residual risk?
  • How can ERM insights be utilized to address the compliance investment concerns of regulatory, business, and financial stakeholders in the organization?

Presentation Material

  • How Much Compliance is Enough? An Enterprise Risk-Based Approach to Finding Your Compliance Investment Sweet Spot
    Randall Cook, Scott Corzine, Corey Gooch, Michael B. Schultz
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