Compliance and Integrity are two main pillars of every good corporate governance. When organizations fail to comply with rules, regulations and expectations of their stakeholders, they can be confronted by significant risks that could devastate both the company’s reputation as well as its bottom line.
Compliance and integrity assessments are needed to identify potential risks and their probable outcomes.
These risk assessments include but are not limited to critical IT failures, data breaches, natural catastrophes, anti-bribery proceedings, flaws in reporting, etc. Periodic assessments for different risks are essential due to the nature of ongoing growth and changes in business processes and the regulatory environment.
Cybecs Compliance and Integrity Assessments include:
• Monitor the Changes – Changes are constant in the business world. These include both regulatory changes and changes in business models.
• Assess the impact of changes – Once we identify the change that has already taken place or in the process, we work together to assess its impact. The changes could require a modification in the operation process, location-related, or affect the bottom line.
• Determine a plan of action – the way your company will address the risk is affecting the effectiveness of the program. Proper due diligence is a must at this stage. As you overcome the company’s weakness, you also need to plan for the impact such a change would have on your day-to-day business.