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Five questions on current trends in compliance risk management
When it comes to managing compliance risks, some companies take a decentralized, non-integrated approach. Because while nobody wants to run afoul of regulations, at the same time it can be difficult to understand the importance of enterprise-level consistency, much less centralized oversight, coordination and control. But that may be changing. Following a particularly robust decade of regulatory rulemaking and enforcement, many organizations are exposed to compliance risks in ways that are unfamiliar — and anxiety-inducing. Noncompliance can be costly, can expose the organization to reputational risks, or, worse, can jeopardize the future of an entire business unit or organization. An aligned, integrated approach to compliance can protect against these outcomes and can even contribute directly to shareholder value.
In this issue of Risk Angles, Robert Biskup, director, Forensic & Dispute Services at Deloitte Financial Advisory Services LLP, and former global head of compliance at Ford Motor Company, takes stock of some of the latest leading practices in compliance risk management. Then, David Hodgson, partner, Deloitte & Touche LLP, Global Leader of Enterprise Risk Services for Life Sciences, lends his perspective on compliance in the Life Sciences sector.
This Risk Angle answers the following questions
- For companies that haven’t had any major compliance problems in the past, why change?
- Are board-level compliance or risk committees inevitable?
- What leading practices for governance are emerging today?
- What are some of the more innovative approaches to compliance risk management you’ve seen?
- Where is technology playing a bigger role in compliance risk management these days?
It also takes a closer look at compliance in the life sciences sector