The RiskBites(R) Club’s Post

We are delighted to announce that Gary Yantin | Lexverify will be presenting our next RiskBites session on ‘Left of BANG: How to be successful at proactive risk management’ taking place at 1pm on Tuesday 10 September.    Join us for a discussion on:     🤔 What is proactive risk management?  – Drawing from the Left of Bang concept  - Understanding your Risk universe  - How to embed proactive risk management into an organisation  - Why is this relevant to your electronic communications?     🛑 What are the main barriers to being successful at proactive risk management?  - Tech, culture, lack of data  - Policies to protect not to prevent     ❓ How to change it  - From reactive to proactive compliance  - Real-time prevention and training  - Real-time conduct risk visibility  - Surface, prevent, and manage your unknown unknowns     How do you prevent your staff from sending out electronic communications that can create compliance breaches, trigger lawsuits, damage your reputation, and attract regulatory investigations? We have seen the power of Next Generation Compliance. Lexverify’s AI-powered assistant makes risk prevention as easy as spell checking, preventing legal, compliance, and cyber risks in real time and providing continuous employee development support. Covering a wide range of risk areas, from anti-bribery and sanctions to GDPR and employee wellbeing, and providing real-time conduct risk visibility to Risk & Compliance teams, Lexverify is truly revolutionary.     Gary will be sharing with us the benefit of his 20 plus years working in or around the legal profession, first as a solicitor and then as a provider to law firms and legal teams. He has helped develop cutting-edge compliance products and services across various topics, such as AML, ESG, DAC6, Anti-bribery, Sanctions, and Diversity. Previously the Director of Best Practice at a leading e-learning provider, he advised internationally renowned law firms and risk teams on compliance, training, and risk management, and spearheaded a first-to-market legal software solution.     Gary is passionate about using technology to enhance risk and compliance, and regularly hosts and participates in webinars, workshops, and events to share insights and best practices, so we are delighted to welcome him to present at our next The RiskBites(R) Club session.     Join us at 1pm on Tuesday 10 September by clicking on the TEAMs link below or contact us to join our mailing list.     https://lnkd.in/eCBuVzQu     Looking forward to seeing you there!     Karen Eckstein Polly Coram Karen Eckstein Limited    #Risk #RiskManagement #TrainingandDevelopment 

Gary Yantin will be speaking on The RiskBites(R) Club session on Tuesday 10th September at 1pm.🎙 He will be talking about 'Left of BANG: How to be successful at proactive risk management.' We are on a mission to make risk prevention as easy as spell checking and Gary will delve into how Lexverify helps you master your risk universe. 🌍 Get all the details below 👇 #RiskManagement #Compliance #RiskAndCompliance #AI #ArtificialIntelligence #ProactiveCompliance

Building a supportive corporate culture is not just a task for selected roles, functions, or departments, but it is a shared responsibility. It's a cornerstone in the collective efforts to maintain integrity. Compliance and internal audit departments, together with management, play a crucial role in setting an appropriate tone at the top, especially in fraud and compliance risk management. This begins with awareness and fostering open discussions about the risk as a business risk. A risk that naturally exists and will always exist as long as it involves individuals and different personal interests that may, from time to time, conflict. Preventing is better than curing. Yet, some organizations and Internal Audit departments have a history of "taboos" discussing fraud risks or highlighting it in their internal reports or communication, perpetuating a "firefighting" culture and approach. So, how do we change that culture? How can audit and compliance departments fit their expected role within corporate governance instead of scratching the surface of the most significant risks? Answering these questions might be more challenging in departments with new leaders with their first experience in the assurance and consulting industry or who were put in a conflicting position of auditing processes they were designing and implementing. Managing fraud risk starts by keeping everyone aware of it. This does not mean a suspicion that anyone has done or is doing anything wrong; it just means that the organization is aware of such a risk, is taking it seriously, and is committed to protecting its assets, including its reputation, and all its employees and stakeholders who act ethically. To succeed in changing the taboo's mindset, organizations should start by building an internal environment and engaging their own teams in brainstorming about all risks, including fraud and compliance. Failing to do that would likely mean they would fail to prevent, detect, and deter risks. Internal auditors and compliance teams that fail to discuss all risks, including fraud and compliance, openly will most likely fail to alert management and the board about such existing risks or properly assess them in terms of likelihood and impact. They will also fail to fulfill their governance mandate toward the board as trustful partners. This will ultimately make the risk more likely and harmful over time. Management, internal audit, and compliance communities should partner to ensure risks are correctly and openly discussed, reviewed, corrected, and followed up. The Board of Directors should regularly ask how such a risk is handled, from prevention to reporting. Such a partnership requires using the art of communication and negotiation skills. Facilitating these common grounds for efficient and effective risk management is key. It starts with awareness and shifts from perceptions of conflicting interests to a perception of trusted partners working toward a common goal.

Delighted to share that my article has been published in SCC Online on Compliance Risk Management. The article deals with emerging trend in compliance management systems and risk mitigation methodologies spanning across business vertices and not limited to HR, data privacy and corporate filings. Let me know your views on the article. #compliance #corporategovernance #riskmanagement #scc #legalrisk #scconline #corporatelaw #businessresponsibility

[Op Eds] Bringing Compliance Risk Management in the Forefront of Corporate Responsibility by Pallavi Singh Read More Here- https://lnkd.in/gPPCUu3w #OpEd #BringingCompliance #compliancemonitoringsystem #legalrisk #MeitY #CorporateCompliances #cybersecurity #ForefrontofCorporate #GovernmentofIndia #MinistryofElectronicsandInformationTechnology #regulatorycompliances #RiskManagement #scconline #SCC #legalnews #legalknowledge #scctimes #legalblog #legalupdates #lawstudent #legalresearch #legalstudies #surestwaytolegalresearch #bringingyouthebestlegalnews

🤔 Why have an automated GRC tool for visibility of compliance risk management metrics? 💡Compliance risk assessment tools are essential for financial institutions and other organizations to identify, assess, and manage compliance risks effectively. These tools help ensure that the organization meets regulatory requirements and mitigates potential risks that could lead to financial loss, legal penalties, or reputational damage. 1. Governance, Risk, and Compliance (GRC) Platforms like RSA Archer, MetricStream, and OneTrust offer integrated solutions for managing risk, compliance, and audit processes. 2. Automated Monitoring Tools for Transaction Monitoring like Actimize, FICO TONBELLER, and SAS AML Monitor transactions for suspicious activity and potential compliance breaches. 3. Sanctions Screening Tools: Solutions such as Dow Jones Risk & Compliance, World-Check, and Bridger Insight screen customers and transactions against sanctions lists and watchlists. 4. Document Management Systems and Policy Management Tools like PolicyTech and ComplianceBridge help manage and update policies and procedures, ensuring compliance with regulatory requirements. Document Control Systems like M-Files and SharePoint ensure proper document management, version control, and accessibility for compliance documents. 5. Risk Assessment Frameworks and Standards like ISO 31000 provides guidelines for risk management, applicable to compliance risk assessments. COSO Framework offers a model for evaluating internal controls and compliance risks while NIST Risk Management Framework provides a structured process for managing risk, including compliance risks, in IT environments. 6. Risk and Control Self-Assessments (RCSAs) Tools and templates allow business units to identify and assess their own compliance risks and controls. 7. Whistleblower Hotlines enable anonymous reporting of compliance issues, integrated with case management tools for investigation and incident management. 🎤 Key Considerations for Selecting Compliance Risk Assessment Tools: - ✅ integration Capabilities: Ensure the tool can integrate with existing systems and data sources. - ✅ Scalability: Choose a tool that can scale with the organization’s growth and increasing compliance requirements. - ✅ Customization: Look for tools that can be customized to the specific needs and risk profiles of the organization. - ✅ User-Friendliness: Select tools that are easy to use and require minimal training for employees. - ✅ Regulatory Updates: Ensure the tool provides regular updates to stay current with evolving regulatory requirements. 🤔 What tools do you use for #ConnectedCompliance, compliance officers? By utilizing these compliance risk assessment tools, organizations can more effectively manage their compliance risks, stay ahead of regulatory changes, and protect themselves from potential penalties and reputational harm.

Corporate Governance, Risk Management and Compliance (GRC) With the purpose of materializing the integrity principle, compliance is the permanent search for coherence between what is expected from an organization—respect for rules, purpose, values, and principles that constitute its identity— and what it actually practices on a daily basis. The compliance program of an organization must include a set of mechanisms and procedures, policies, guidelines, code of conduct, whistleblower channel, and other instruments with the purpose of preventing, detecting, and correcting deviations of conduct, frauds, acts of corruption, money laundering, illicit acts committed against the public administration, among other issues. In addition, it must align the activities of everyone in the organization with its principles, values, and purpose, while promoting a culture of integrity. ■ The board of directors and executive management must commit to and support the fostering of an ethical culture and the strengthening of the organization’s compliance program; ■The board of directors and executive management must ostensibly and publicly declare the importance of the values and policies that make up the organization’s compliance program, always acting unequivocally and consistently with what they preach; ■ The board of directors and executive management must ensure that the instance responsible for the organization’s compliance program has the means to put it into practice, ensuring the allocation of adequate necessary financial, material, and human resources; ■ Governance agents must promote the continuous improvement of the organization’s ethical culture, so that its actions are always consistent with the principles, values, laws, and regulations to which it is submitted. In addition to compliance with laws and regulations, the organization must define organizational policies applicable to its operating reality and to the . Policies should reflect strategic guidelines and be grounded in the organization’s values, principles, and purpose. Although they may vary according to the structure, industry, legal nature, or maturity of the governance, some of the most common policies for Brazilian organizations can be mentioned, such as the hierarchy regime; risk management; communication; crisis management; transactions between related parties; contributions and donations; compensation of executive management and board members; diversity, equity, and inclusion; distribution of results; prevention and detection of illegal acts; anti-corruption; stock trading; information disclosure; extraaudit services, among others. https://lnkd.in/dw2P8Z8n https://lnkd.in/dGW-R2HC #corporate #governance #riskmanagement #compliance #IBGC

Here are some key insights on each chapter of the Code: Chapter 1 - Foundation: - Establishes corporate governance is a system focused on principles that guides organizations to generate sustainable value for themselves and stakeholders. - Highlights the importance of ethics, purpose, integrated thinking in decision making. Chapter 2 - Shareholders: - Outlines shareholders' role in decision making and oversight through mechanisms like general meetings. - Discusses principles of equitable treatment and majority/minority rights in decision making. Chapter 3 - Board of Directors: - Describes the board's duties of directing strategy, monitoring executive management and representing shareholders. - Provides extensive guidance on optimizing the board's composition, independence, effectiveness. Chapter 4 - Executive Management: - Defines executive management's duties of executing strategy approved by the board. - Covers nomination, evaluation, succession planning and relationships with the board. Chapter 5 - Supervisory/Control Bodies: - Identifies mechanisms like fiscal councils, auditors that support oversight functions. - Explains roles of internal audit, risk management and compliance in strengthening controls. Chapter 6 - Conduct: - Highlights importance of codes of conduct and ethical culture fostered by the organization. - Discusses policies and channels like whistleblowing that uphold integrity principles.

Visit ESGLibrary.com to learn more about Corporate Governance!

Key Difference Between Compliance & Risk Management The observance of established rules, regulations & standards controlling an organization’s operations is referred to as compliance. It entails aligning corporate activities with legal requirements, industry standards & internal policies in order to assure ethical behaviour & avoid legal ramifications. Risk management, on the other hand, is a proactive strategy to detect, assess & reduce potential risks to an organization’s objectives. It entails a methodical process of identifying uncertainty & devising solutions to efficiently navigate them. This article aims to explore the key differences between compliance & risk management. It will delve into the individual definitions, discuss their significance & provide a structured analysis of their distinctions. https://lnkd.in/gK_z8hRT #cybersecurity #informationsecurity #compliancemanagement #riskmanagement