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You can read every risk management textbook written from cover to cover but when it comes to real understanding there is no substitute for doing the work! So before you buy another book or signing up for another theory based course. Try these tips... 1. Buy or make yourself a template and complete a risk identification process at home. Pick one or two pieces of legislation that apply to a fictitious company in your industry of choice and practice identifying risk. 2. Once you have documented your risks in your template then proceed to complete the risk assessment. The idea is to practice thinking through your rationale for determining probability, impact, overall risk rating, control ratings and residual risk. The above advice is based on the assumption that you have done some reading and possibly a compliance course or workshop, so these concepts are not alien to you. If you have done a compliance course or workshop and it all still sounds like Greek to you ... well Houston we have a problem! You should consider signing up for my next workshop. You do not need to wait for a job to practice concepts you have learnt in theory, you just need to have the determination to gain more depth of skill and understanding. No one is coming to save you, and if you're waiting to learn on the job, you may find that the reason you aren't getting the job is because the interviewer can tell that your knowledge is surface level. Start practising on your own ... Struggle and fail in private until you get proficient so you don't have to struggle and fail in public. If you need some resources to help get started checkout the below options - Videos 1. Core Compliance Skills - Risk Identification, Risk Analysis & Risk Evaluation https://lnkd.in/dcYJFfea 2. How to Do a Compliance Risk Assessment https://lnkd.in/d7fM7Qnq Template 3. Get Yourself a Regulatory Universe Template for Risk Identification at the online store. https://lnkd.in/dSez4gK

Managing Compliance and Legal Risks. Enron and other local and international corporate scandals, financial collapse and attacks on corporate reputation could have been averted with proactive and best practice legal risk management. Calamitous legal and reputational penalties to companies, directors, and officers, as well as external advisers would never have eventuated. Legal risk is now an integral part of the boardroom agenda, regardless of the size of the organisation. This provides a new challenge for in-house lawyers, who can play a crucial role in ensuring that a risk-aware culture prevails across the organisation. Any successful risk management programme must start within the management and its operations. This newly introduced seminar will give participants the guidance and information necessary to design, install and begin to run a compliance and legal risk management system, or to review the existing system and put in place further preventive measures to minimise the organisation’s exposure to compliance and legal risk. It will also show participants how to protect in-house clients and interact with regulators, supervisors and stakeholders. Kindly click the link for more information. https://lnkd.in/eS6Wbvsp

Navigating risk management requires more than technical know-how—it's about clear communication and collaboration across all levels. At SMG, we believe in making complex risk assessments understandable and actionable for everyone, from executives to frontline workers. Learn more about our approach by checking out our blog on engaging stakeholders in risk assessments. https://lnkd.in/gG52xyWb #WEARESMG #Safety #RiskAssessments

Some important points to note if you are interested in pursuing a career in compliance and risk management. A lot of people asked me how I got into compliance and I couldn't respond to every single one of you, I would advise people to go through Kudzai Chaka 's profile and her YouTube to familiarise yourselves with ways and skills or qualifications necessary for Compliance and risk management. Lastly, please do proper research on the industry you are interested in and put in the work to stand out as a candidate. #compliaceofficer #legalofficer #womenincompliance #riskmanagement

Elevate Your Business with CLEG Compliance & Risk Management! In today's fast-paced business environment, success means more than just seizing opportunities – it's about effectively managing risks. At CLEG Legal Solutions, we understand the critical importance of compliance and risk management in safeguarding your business's prosperity. 🔍 Wondering what Compliance Risk Management is all about? It's the skill of foreseeing potential risks, meticulously analyzing them, and proactively taking measures to mitigate them. At CLEG, we're committed to paving the way for your business's seamless growth by staying ahead of the curve. Recognized by the prestigious Economic Times, this practice is a game-changer in today's competitive world. 💡 Ready to fortify your business against potential pitfalls? Our dedicated team at CLEG Legal Solutions is here to collaborate with you to craft a tailored Compliance & Risk Management strategy. We don't believe in one-size-fits-all – instead, we take into account YOUR unique business processes, YOUR invaluable employees, and YOUR specific regulatory concerns. 🛡️ With CLEG by your side, you can: ✅ Identify risks before they become crises ✅ Analyze vulnerabilities with precision ✅ Take proactive steps to minimize risks ✅ Foster a culture of compliance within your organisation Reach out to us today at 0871639625 to discover how CLEG | Legal Solutions can be your partner in achieving compliance excellence. Your success is our priority! #ComplianceExcellence #RiskManagement #LegalAdvice

Experience underscores the importance of proactive legal risk assessment. Businesses commonly navigate legal issues reactively, addressing them as they arise or become unavoidable. However, this piecemeal approach often overlooks long-term solutions and underlying systemic factors. It's inefficient, ineffective, and unpredictable in outcomes and costs. By identifying and resolving issues before they escalate, companies can mitigate risks effectively. Legal Risk Assessment (LRA), led by experienced practitioners, should be integral to every company's risk management strategy. Learn more from lawyers Ralph Cuervo-Lorens, Talia Gordner and Emily Rebecca Hush here: https://bit.ly/3UEeZ47 #LegalRiskManagement #ProactiveStrategy #BusinessSolutions

Risk Assessments – the alpha and omega?   A dream within a dream within a dream… So what now? It is akin to asking trick or treat.   To certain organizations, risk assessments remain pipe dreams, to others a disaster, but to the prudent it is just the beginning. The concept of managing one’s risks has appeal and magnetism, like it should, because everyone strive towards profitability. It is, however, not as simple as stating: “Open says me.”   It yields satisfying results, when adopted and incorporated fittingly into the fabric of an organization’s culture, mannerisms and ways of working. It is certainly a versatile tool at the disposal of any management team or employee for that matter.   From it flows critical management controls, responses to managing an organization’s ‘woes’, alternatives used to discriminate when NPV and IRR yield similar results, a bedrock in governance etc... The numerous benefits render it as an organization’s ultimate monitor lizard.   These achievements are only possible if risk management is incorporated appropriately into the very essence of an organization. The toil of making it work lies squarely on the shoulders of the entire organization and not just of a select few. How it is drafted, designed to be ‘fit-for-purpose’ and then integrated into the organization’s ways of working depends significantly on the head honcho. The top certainly sets the tone and drumbeat, but the bottom can also initiate it by becoming the change that one wants to see.   The humble risk assessment is certainly more than what initially catches the eye. It is merely the start and not the finish when executed correctly and my challenge to you is to go out and give it a ‘true-blue-to-risk’ bash because nothing ventured will lead to nothing gained. You will never stand alone in this challenge. 😉

This Perspectives article explains how an effective third-party risk policy can help reorganize your “lines of defense” and encourage all employees to take ownership of third-party risk mitigation. Includes link to download eBook "How to Create an Effective Third-Party Risk Management Policy." #compliance #compliancemanagement #complianceofficer #complianceprofessionals #complianceexcellence

LEGAL RISK MANAGEMENT BEYOND CONTRACTUAL OBLIGATIONS Multifaceted challenges to legal risk lie not only in mastering the intricacies of risk management strategies but also in balancing the legal stipulations of a contract. While legal responses—such as the precise clauses of contracts or the contractual counsel preferred to clients—are foundational, they represent just one layer of an effective risk mitigation strategy. To fortify an organization, it’s essential to adopt a systematic approach that integrates a variety of behavioral and managerial techniques: Management/Department Heads Functionality: Establishing open lines of communication across all levels of the organization is vital. Transparency not only helps in the early detection of potential issues but also fosters a culture of trust and accountability. Risk Optimization: Designing processes with risk management in mind ensures that systems are robust, adaptable, and capable of withstanding unexpected challenges. This includes implementing controls, checks, and balances aligned with the organization’s risk appetite. Training and Monitoring: Regularly reviewing processes, systems, and quality control practices allows for the timely identification of vulnerabilities, which includes training and development. This proactive approach ensures that risks are managed before they escalate into larger problems. Legal implementation: A resilient corporate culture is one where risk awareness is embedded in every decision-making process. Encouraging employees to think critically about risk, and rewarding those who take responsible actions to mitigate it, strengthens the organization as a whole. Lastly, risk management is not just about preventing losses—it's about creating a balanced environment where the organization can thrive and grow. #RegulatoryCompliance #Contract #RiskManagement #CorporateCulture #BusinessLaw #StrategicPlanning

An important consideration in risk assessment is the reputational perspective. It is crucial that a risk communications professional be involved in the risk assessment process to offer their expertise in identifying which risks could escalate into the public domain, potentially damaging a company's reputation and impacting its bottom line. By maintaining a focus on reputation, businesses can better protect their public image while managing operational and financial risks. Incorporating this perspective into every stage of risk management helps prevent reputational damage that could otherwise have long-lasting effects on both trust and profitability.