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1. Compare the implementation of a compliance program with the risk management process. a. Describe the procedures...

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Operations Management

1. Compare the implementation of a compliance program with therisk management process.

a. Describe the procedures that should occur after a complianceprogram is implemented.

b. Dwight is the new Chief Risk Officer (CRO) and head ofinternal audit for a large, multi-national organization. When hereviews the organization’s compliance program, he finds that theprocedure in the employee handbook directs employees to reportquestionable practices to their direct supervisor. Explain whetherDwight should change this reporting practice

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1 A compliance program is a set of internal policies and procedures of a company to comply with laws rules and regulations or to uphold business reputation A compliance team examines the rules set forth by government bodies creates a compliance program implements it throughout the company and enforces adherence to the program In business risk management is defined as the process of identifying monitoring and managing potential risks in order to minimize the negative impact they may have on an organization Examples of potential risks include security breaches data loss cyber attacks system failures and natural disasters An effective risk management process will help identify which risks pose the biggest threat to an organization and provide guidelines for handling them Most boards of directors are keenly aware that they need to oversee compliance regulations to protect the company from risks With the board of directors covering the bases of compliance oversight you may be wondering if there is any work left for risk managers to do Its true that risk managers need to be aware of compliance risks but the bulk of their role needs to focus on risks as they pertain to strategic planning This is where strong and clear communication between the board of directors and the risk managers is vital One of the primary duties of the board is strategic planning which is a continual process As the board explores new avenues for the company to increase its market share new risks are bound to accompany those new    See Answer
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