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Converting critical enterprise risks into a usable risk matrix
Journal of Financial Compliance,
5
(4),
370-377
(2022)
Abstract
Successful compliance is built upon a solid foundation of risk management. Effective compliance programmes begin with a thorough assessment to identify areas of risk within the organisation. Developing a risk management framework is crucial to an organisation's ability to develop appropriate protocols to identify, monitor, and if needed, mitigate the risks. Aside from the practical benefits a risk assessment can provide, it can also demonstrate to a regulator that a compliance programme is ‘reasonably designed’ to prevent violations of federal securities laws.1 The purpose of this paper is to discuss practical ways to develop and implement a risk management programme as well as conveying identified risks to senior management for use in practical business decisions.
Keywords: Risk management; compliance programme; risk assessment; controls
The full article is available to subscribers to the journal.
Author's Biography
Janice Powell IAACP, is a Senior Compliance Consultant at Core Compliance & Legal Services, Inc. Ms Powell has dedicated her career to the continuous collaboration with firms throughout the industry in an effort to enhance their risk-based compliance programmes and understanding their fiduciary responsibilities to their clients. Her dynamic approach and experience working with C-Suite executives to mitigate conflicts of interest and regulatory scrutiny, while developing solutions to help firms expand and grow their business in a compliant way, has made her a rising star in the compliance arena. Throughout her career, Ms Powell has focused on perfecting custom methods on how to build and develop a culture of compliance. Ms Powell provides compliance consultation to multiple business models from hybrid advisers, multi-family offices, dual registrants, bank-owned advisers and broker-dealers, advisers to mutual funds, trust companies and independent advisers. Her consultation practice areas include investment adviser, investment company, broker-dealer and private fund compliance programmes, marketing reviews, Code of Ethics and Compliance Programme development and training, policy and procedure, surveillance and internal control development, risk assessment and, annual reviews.
