Six Steps to Implementing Continuous Monitoring in your Compliance Program

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Anti-corruption, anti-bribery, anti-money laundering programs policies and procedures and even export control systems are seemingly in a constant state of evolution. Many companies are struggling with the challenge of implementing effective controls and monitoring risks across a spectrum that could include the three above listed compliance areas as well as others. One area which is evolving into a minimum best practices requirement for compliance is that of Continuous Monitoring (CM).

While many companies will look at CM as a software solution that can assist your company in managing risk; provide reporting metrics and, thereby, insights across an organization, it should be viewed more holistically. You will need to take many disparate systems, usually across a wide international geographic area, which may seem like an overwhelming process. However help is at hand from an article in the November 2011 issue of the Compliance Week Magazine, entitled “Mission Impossible? Six steps to continuous monitoring”, where author Justin Offen discusses his six-point program to ensure that your “CM solution doesn’t become part of the problem” rather than a solution

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Published In: General Business Updates, Finance & Banking Updates, International Trade Updates, Securities Updates, Mergers & Acquisitions Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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