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Tackling risk‐based compliance

Tackling risk‐based compliance Purpose – This paper seeks to recommend a way for the compliance function to identify, monitor, and report the risks it faces to the firm's management. Design/methodology/approach – Outlines the principal challenges in setting up a risk reporting system and recommends a three‐phase approach for implementing such a system. Findings – Developing a risk reporting system presents three challenges: designing a reporting system driven in real time by compliance work with a varied data set, organizing the information and processes of the compliance function so they can be automated, and arranging the presentation of risk to reflect complex organizational structures. The three phases for implementing such a system are gaining management sponsorship, looking for pilot projects to score quick victories, and rolling out the program. Originality/value – An overview of compliance risk reporting systems that stresses the importance of collecting the right data in an automated fashion. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Investment Compliance Emerald Publishing

Tackling risk‐based compliance

Journal of Investment Compliance , Volume 7 (4): 4 – Oct 1, 2006

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Publisher
Emerald Publishing
Copyright
Copyright © 2006 Emerald Group Publishing Limited. All rights reserved.
ISSN
1528-5812
DOI
10.1108/15285810610719961
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper seeks to recommend a way for the compliance function to identify, monitor, and report the risks it faces to the firm's management. Design/methodology/approach – Outlines the principal challenges in setting up a risk reporting system and recommends a three‐phase approach for implementing such a system. Findings – Developing a risk reporting system presents three challenges: designing a reporting system driven in real time by compliance work with a varied data set, organizing the information and processes of the compliance function so they can be automated, and arranging the presentation of risk to reflect complex organizational structures. The three phases for implementing such a system are gaining management sponsorship, looking for pilot projects to score quick victories, and rolling out the program. Originality/value – An overview of compliance risk reporting systems that stresses the importance of collecting the right data in an automated fashion.

Journal

Journal of Investment ComplianceEmerald Publishing

Published: Oct 1, 2006

Keywords: Compliance costs; Financial risk

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