After you complete your risk assessment, you must then translate it into a risk profile. If your estimate of where your bribery risk is greatest is wrong, it will be an effort to address it. The most significant risks with the greatest likelihood of occurring are deemed to be the priority risks. These become the focus of your most significant risk management efforts, couple with audit and monitoring going forward. A variety of tools can be used to continuously monitoring risk going forward. Consider providing employees with See more +
After you complete your risk assessment, you must then translate it into a risk profile. If your estimate of where your bribery risk is greatest is wrong, it will be an effort to address it. The most significant risks with the greatest likelihood of occurring are deemed to be the priority risks. These become the focus of your most significant risk management efforts, couple with audit and monitoring going forward. A variety of tools can be used to continuously monitoring risk going forward. Consider providing employees with substantive training to guard against the most significant risks coming to pass and to keep the key messages fresh and top of mind. It is important to create a risk control summary that succinctly documents the nature of the risk and the actions taken to mitigate it. Finally, let this risk assessment and evaluation inform your compliance program, rather than letting the compliance program inform the risk assessment.
Three key takeaways:
1. Even after you complete your risk assessment, you must evaluate those risks for your company.
2. The DOJ and SEC are looking for a well-reasoned approach on how you evaluate your risk.
3. Create a risk matrix and rank your risks; then remediate and monitor as appropriate. See less -
