31 Days to a More Effective Compliance Program - Risk assessments and internal controls

Thomas Fox
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Next, I will review how to use the risk assessment you have performed as a tool to provide a structured approach to establishing effective internal controls. After preparation of the risk assessment, the next step is to prioritize the listing of the risks and which locations they are common. This begins by mapping existing internal controls to risks and then assessing whether the internal controls are sufficient to mitigate the risks.

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Next, I will review how to use the risk assessment you have performed as a tool to provide a structured approach to establishing effective internal controls. After preparation of the risk assessment, the next step is to prioritize the listing of the risks and which locations they are common. This begins by mapping existing internal controls to risks and then assessing whether the internal controls are sufficient to mitigate the risks.

Three key takeaways:

1. Third party risks are still your highest risks under the FCPA so use your internal controls appropriately to help prevent this risk from becoming a violation.

2. Use mapping and a gap analysis to collate risks to existing controls.

3. Always consider the regional and geographic variances. See less -

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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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