November 02, 2020

The Six Elements of an Effective Compliance Program: Part 1 - Risk Assessments: Understanding and Managing Key Compliance Risks

15 minutes

Welcome to a special five-part podcast series, The Six Elements of an Effective Compliance Program. This podcast series is sponsored by StoneTurn. To celebrate Corporate Compliance and Ethics Week, we will consider each of the six elements required for an effective compliance program. They include: Risk Assessment, Governance and Structure, Policies Procedures and Controls, Training and Education, Oversight and Reporting, and Response and Enhancements. Over this five-part podcast series, I will be joined by Stephen Martin and Valerie Charles, Partners and StoneTurn and Toby Ralston and Jamen Tyler, Managing Directors at StoneTurn.

In this first episode, I visit with Stephen Martin on Risk Assessments. Highlights include:

Properly seen, an effective compliance program is an ongoing ecosystem. Why is an effective compliance program dynamic, requiring an ongoing, multi-disciplinary approach?

Businesses have traditionally had an historical bias toward financial and operational risk. Why have about legal and regulatory and reputational risks become so much more important in the era of Covid-19 and social justice movements around Black Lives Matter and Diversity and Inclusion? Why must these risks be assessed?

The Department of Justice mandated in its 2020 Update to the Evaluation of Corporate Compliance Programs that risk assessments be performed on a much more ongoing basis, such as when risks change. What does this mean in practice?

The Department of Justice said in its 2020 Update that compliance must break down silos and functional impediments to an effective compliance program. Why do you see this as so critical?

The 2020 Update mandated greater information from a compliance program be used to improve it. How do you leverage code and policy questions received into enhancements to an overall Enterprise Risk Management process?

Resources

For more information on StoneTurn, click here.

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By Thomas Fox

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