The Risk Management Journey: Think big, start small
Like in commencing any other journey, it is essential that you know your destination, have a road map or a GPS and that you have selected the right vehicle for transportation (road, ship or air) depending on a variety of variables. Your GRC Journey is an integrated approach towards audit, risk and compliance is no different.
This year's conference will provide the annual update to the components of Effective Enterprise Risk Management and learn how other trades are coping with Risk and Compliance.
Enterprise Risk Management (ERM) program.
Attaining maturity in risk management is difficult because typically most organizations manage enterprise risk management through periodic risk assessments and monitoring of historical data thru the use of certain metrics. The results are then rolled up into management reports to get the executive nod.
This year's focus on Effective Enterprise Risk Management spotlights on a few strategic themes that are essential to create a foundation for a changeover, unless the board and management is happy with business as usual. The conference will provide guidance for in-depth adjustments to attain benefit from an Enterprise Risk Management (ERM) program.
In order to unlock the true value of effective and efficient ERM program that helps you to strengthen accountability, embed risk management across the organization and link risk management to strategic decision making process where you can measure performance and communicate the status on risks to all stakeholders.
GRC Building Blocks
Starting a Risk Management and Compliance Program or Building a Risk and Compliance Organization is an endeavor that many companies are embarking upon these days. The central question from the onset still remains; how to implement a internationally oriented Compliance program using which holistic GRC model based on the Copenhagen Compliance GRC Framework.
The Copenhagen Compliance GRC Framework is designed to implement the need to understand risks, the true risks incl. cultural differences, disparate regulatory regimes, different business environments and above all will quantify and measure your risks so that you can manage them.
At the conference speakers with first hand knowledge will provide guidance on how to develop a strategic approach to GRC management, controls, and assurance processes. These components will ensure that GRC programs are aligned with corporate strategy.
If the primary focus is on improving performance, mitigating risks, and achieving compliance goals all in one stroke you will fail miserably.
We suggest that a holistic approach to the GRC issues and start with the componenets of implementing and promoting ethical behavior. (see article on Transparency, Accountability and Ethics to encourage a resilient GRC program.
The significance, value and integration of Enterprise Risk Management to Governance and Compliance can be simplified so that the GRC initiatives are unified with the Copenhagen Compliance Framework that will help you automate and facilitate controls, validation, and embed contextual GRC controls within business processes to achieve FINAL operational efficiency. Fasdten your seatbelts, it’s a long journey and couls be a bumpy ride.
Benchmarking tools for regulatory actions
When integrating the key enterprise risk management issues and topics the main issue is the need to address how the enterprise wide risk management program augments credit and market risk management you are working under.
Providing a holistic view of risk across an organization is essential to gain an understanding of the softer GRC components because in the current environment simply focusing on the regulatory environment including building benchmarking tools and learning from regulatory actions is quite serious but just not enough for a successful implementation.
Aligning culture, and controls to compliance
Therefore, the conference will provide guidance on building an enterprise wide risk infrastructure from the ground up, including governance arrangements and evaluating how enterprise wide risk management is fundamental to the Internal Capital Adequacy Assessment Process and understanding the role of enterprise risk management in outsourcing arrangements
As previously discussed aligning culture and compliance to controls and compliance are the 4 C’s within the business processes that are important to achieve operational efficiency in the management of risks. The conference will focus on:
- How to motivate employees to embrace ethical conduct and avoid non-compliant actions.
- How to handle the regulatory compliance in various trades’ and operations and to gain valuable benchmarking data. This session will have a Q&A session on what that data reveals on the state of regulatory compliance in the various trades today.
- How to create a culture of zero tolerance to non-compliance. A case study on how to drive a culture that embraces the company's ethics and compliance values
Achieving a culture of zero tolerance to non-compliance of risk management is easier said than done. We believe that only when the soft issues are in place, the enterprise can focus on the GRC Strategies to increase compliance efficiencies across the organization. The conference will then provide guidance on these issues.
- How to apply GRC software systems together with a framework that reduces redundancy and repetition. The framework together with the roadmap will improve efficiency and consistency, and keep everyone aware of what's going on across risk, compliance, and audit functions.
- The IT tools, framework together with the roadmap can identify how to unify governance, risk, and compliance initiatives that deliver an integrated program. Management will get information that empowers their decision making process and enables cross collaboration across different business units as they tackle diverse key initiatives.
There are also other risk management solutions and issues from the financial services sector that many other trades can learn from. There are concerns regarding anti-money laundering, anti-bribery, third-party risks, whistleblower updates and compliance issues such as HIPAA security rule 45 cfr part 164, Dodd-Frank, PCI and many more key mandates and international oversights and regulations that if time permits that we can touch upon.
Enough on anti-bribery, third-party risks, zero tolerance, integrating the key enterprise risk management issues lets all go and blow the whistle with some Brain Food provided by the Radisson Blu Hotel Scandinavia at the conference.
