With our compliance risk management service, we can help our clients to assess the maturity of their compliance management system, identify the gaps in the system, and provide advice and suggest action plan for filling the gaps.
COMPLIANCE RISK MANAGMENT
Laws, regulations, codes of conduct, and standards of practice that shall be followed by businesses in daily operation are on the rise. Non-compliance with the said requirements poses threat to the respective business's financial, organizational, or reputational standing. Therefore, businesses are exposed to a greater degree of compliance risks than ever before and managing compliance risks has become more and more complex.
In addition to creating fundamentals of compliance risk management framework, businesses need constant development of the compliance risk management system to respond to the emerging compliance risks. We assist you to conduct gap analysis in the system, risk exposure assessment, establish compliance risk management framework, integrate compliance management in business operation, design and improve compliance risk assessment process.
Our approach to compliance risk management is to embed the management of compliance risks in day-to-day business and operation. This approach creates an internal oversight and control over all compliance risk exposure. This means more likelihood of preventing compliance risks and consequently boosting the position of the business in the marketplace. This process of compliance risk management starts with integrating compliance in daily operation and then assured by integration in the Internal Audit and business continuity plan.
With our compliance risk management service, we can help clients to assess the maturity of their compliance management system, identify the gaps in the system, and provide advice and suggest action plan for filling the gaps. We also assist our clients to assess their risk exposure and improve their risk assessment process to fully incorporate compliance risk exposure. The compliance risk assessment helps a business to understand the full range of its risk exposure, including the likelihood a risk event may occur, the reasons it may occur, and the potential severity of its impact. An effectively designed compliance risk assessment also helps businesses to prioritize risks, map the risks for the applicable risk owners, and effectively allocate resources to manage the risks.
We have capacity to assist businesses for technology transformation in the compliance risk management system and integration of digital tools in the system. In addition, we can assist businesses to improve the control, testing, and monitoring elements within the compliance management system. Improving the controls includes constant updating of the risk management system based on change due to new regulation, policies, and standards.
