Structured and facilitated prevention mechanisms for monitoring Governance, Risk Management and Compliance (GRC) issues
There is an increasing awareness of fraud, misconduct and related good governance and risk management matters in the Nordics as well as globally. Companies are facing increased pressure from their stakeholders to ensure that integrity and ethics components of compliance will add value to the company's enterprise risk profile. Therefore, all businesses are attempting to implement a comprehensive framework third party due diligence and fraud monitoring. At the 9th annual European GRC Summit in Stockholm on the 22-23rd September, at the World Trade Center, the finance/accounting team together with GRC officers will learn how to prevent certain noticeable instances of frauds or misconduct.
Finance professionals and CXO have access to essential data relating to transactions and the role of GRC and critical individuals in conducting the routine business. However, the monitoring and awareness of the GRC business practices and unusual transactions is vital due to their comprehensive view of the enterprise from a GRC perspective.
Fiduciary roles and responsibilities
Often integrity, fraud or misconduct can be derived from conflict of interest scenarios. The key is to identify the levels of evident and noticeable factors that GRC professionals may come across in their daily operations. Considering the fiduciary role and responsibility that GRC and finance professionals play together with the Board of Directors and senior management, a noticeable understanding of GRC business factors are needed to avoid misreporting.
Andre Henderson, Chief Technology Officer, The Red Flag Group will conduct a workshop at the 9th annual European GRC Summit in Stockholm on the 22-23rd September at the World Trade Center, on the Understanding of Integrity Risks When Onboarding Suppliers
Companies are facing increased pressure from their Customer, Partners, the Government and the Community to ensure that the Suppliers that they engage are of substantial integrity and ethics and add value to your risk profile not detract from it. Companies that onboard new Suppliers should be assessing each Supplier against a range of risks that include such risk areas include:
- Corruption, bribery, price fixing, kickbacks, privacy breaches and misuse of confidential information or IP rights
- Sanctions and restrictions imposed by your own or foreign governments
- Human rights, modern day slavery, employee rights, poor working conditions -Product safety, quality, and environmental issues
Knowing how to identify these risks in a supplier, how to analyse them and how to manage them will be the subject of the workshop. Learn how to implement a Supplier Integrity Risk program across your organisation to comply with new obligations around due diligence and expectations from authorities.
Based on Andrews workshop, how to blacklist the third parties when the misconduct is identified and eliminating the possibilities of potential rehire of such companies under different circumstances.
Broad GRC issues need to be customised
Other GRC subjects discussed during the 9th annual European GRC Summit in Stockholm on the 22-23rd September at the World Trade Center are:
What are the broad GRC issues that need to be customised so that GRC officers are empowered to address the following issues because one size never fits anybody;
Developing structured alert mechanisms that are embedded in the company's Enterprise Risk Management framework to identify pattern based/rule based transactions for reporting GRC inconsistencies. The summit will provide guidance or training to spot and detect the red flags during the review by the GRC fraud monitoring team.
Periodic communication of inconsistent GRC trends and highlighting the areas, flagging suspicious transactions or questionable business practices thru story telling within the organisation as part of the transparency and accountability components of GRC activities.
http://www.copenhagencompliance.com/2015/stockholm/
http://www.copenhagencompliance.com/2015/stockholm/agenda.htm
http://www.copenhagencompliance.com/2015/stockholm/register.htm
