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The Future for Compliance – Best Practice and Delivering Value

This is where Compliance Directors need to focus imaginatively and pro-actively on their role in the compliance conceptual framework that we have illustrated in the diagram below.

Consider

ng

orti

rep

d

an

ws

flo

a

Dat

n

tio

ac

and

us

foc

gic

ate

Str

Articulate risk strategy

Set up risk framework

Oversee effectiveness of framework

Manage risks & controls

Approve

Board

Risk Management Group

Management Team

Multi-dimensional reporting

Review

Question

Issues Trends

KYC Concerns

Analyse/ synthesise

Critique/ compare monitor

Recognise Collect

Individuals/Business Unit Managers

Ownership/accountability for risks Effective controls Integrate into daily activities

Risk

mana

gement

As well as being described as a compliance conceptual framework, this diagram could also be labelled the continuous life-cycle of compliance, which needs to co-exist alongside the four aspects of operation that we have already identified. Those Compliance Directors, operating in the middle of the arc labelled “Strategic focus and action”, are generally the most influential in their organisation, but to achieve this they will need to feel sure that their colleagues are playing an active part in the other two arcs, otherwise the life-cycle will fail.

PricewaterhouseCoopers

5

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