Compliance and the Management of Compliance Risk
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COURSE DATES AND LOCATIONS
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INTRODUCTION
Compliance Risk Management is an emerging field and it gained importance all around the world because all organizations and institutions, across the globe, are required to establish a strong compliance culture, framework, and policies to ensure compliance with applicable laws and regulations and avoid reputation losses due to noncompliance. To manage Compliance Risks, organizations and institutions spend lots of money to strengthen their compliance policies, processes, and compliance systems.
This course covers both Compliance and the Management of Compliance Risk . The focus is on the development of an efficient risk-based approach to compliance management and what that means in practice from recording compliance obligations to setting up a risk-based approach to monitoring compliance. The management of compliance risk is also covered using an ERM framework.
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COURSE OBJECTIVES
By the end of the course, you‘ll be able to:
- A deep understanding of compliance risk using bow tie analysis
- The knowledge and skills to develop and manage a compliance obligations library
- An appreciation of the process to prepare the business’s process, people, systems and products to ensure compliance readiness
- An understanding of the ISO 19600 standard on Compliance Management Systems
- An understanding of the various tools available for compliance risk management
- An in-depth understanding of what a risk-based approach to compliance means
- The ability to understand and develop a risk appetite for compliance risk
- An appreciation of the benefits of aligning compliance risk management with operational risk management
- The ability to produce quality and meaningful compliance risk report.
- An in-depth knowledge of how to apply risk assessments, key risk indicators, controls assurance and change risk management to compliance risk
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COURSE AUDIENCE
This course is made for :
- Risk & Compliance Managers
- Heads of Compliance & Risk
- Compliance Officers
- Compliance Risk Reporting Managers
- Business Excellence officers
- Sales and Marketing managers
- HR employees
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COURSE OUTLINE
Day One
Defining Compliance, Compliance Management and Compliance Risk Management
- Defining compliance risk
- Using Bow Tie analysis
- Cause, Event, Impact for compliance risk
- Compliance controls: Preventive, Detective, Reactive Controls
- The relationship with operational risk.
Day Two
Compliance Management
- Regulatory, contractual, internal compliance sources.
- Creating plain English compliance obligations from compliance mandates
- Managing a mandates and obligations library
- Risk assessing obligations
- Preparing the business to meet obligations: Process, People, Systems, Products
Day Three
Compliance Risk Management
- The ISO 19600 standard.
- A risk-based approach to compliance.
- Developing a compliance risk management framework
- Ensuring ongoing compliance with obligations – The tools.
- Compliance risk management tools including Risk Assessment, Stress Testing, Key Risk Indicators, Controls Assurance, Breach management and Change Management
- Roles and Responsibilities.
Day Four
Delivered risk management
- Internal and External changes
- Risk Managing external regulatory change
- Risk Managing internal systems, process, people, product changes
Key Risk Indicators (KRIs)
- Identifying KRIs for compliance risk
- Determining thresholds for compliance KRIs
- The KRI process
Day Five
Compliance breach management
- Defining a compliance breach
- Identifying a compliance breach
- Developing a process for breach management
- Meeting external requirements
- Setting up and managing a breach register
Reporting for compliance management
- External vs. Internal reporting
- Reporting using Business Intelligence tools
- Defining your reports
- The reporting process
