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The role of risk management in compliance

Tom Fox | January 8, 2018

As compliance evolves and corporate compliance programs become more sophisticated, compliance is seen not as simply a legal prophylactic, but as a business process.

Seen in this light, it is clear the risk management process should begin with forecasting as it attempts to estimate future aspects of the business. Compliance professionals should be able to say with some degree of authority what will happen in the next three months, six months, twelve months, twenty-four months. This can facilitate resources deployment where they think is appropriate to meet these future demands.

By starting with forecasting, a compliance function utilizes risk assessment to consider issues that forecasting did not predict or issues that the forecasting model raised as a potential outcome warranting a deeper dive. If the business is moving into a new product or sales area and is required to use third-party sales agents, a risk assessment would provide information that a company could use...

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