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risk and compliance programs although it did impact priorities. Data was also reported as not being effectively utilized to reduce risk and by enlarge risk and compliance Why didn’t risk and compliance change during the pandemic? are sufficient to cover any changes to risk. Essentially, we are not prepared to expand risk & compliance.

Compliance is fundamentally about reducing stakeholder risk: risk to quality, risk to safety, risk to the environment, and ultimately risk to trust. To ameliorate these risks they follow a management of change (MOC) process to buy down risk. to ensure that the organization is not taking on too much risk. The level of risk provides a leading indication of the progress made in buying down risk as well as an

Evaluating risk is important but handling risk is better. risk. of the risk. Risk measures may be available, feasible, but not effective enough to buy down risk below the risk tolerance risk.

of the risks themselves. Intrinsic Risk These risks are inherent in the process and activities. Emerging Risk These are risks that are developing or changing as a system evolves. Emerging risks can be classified as: Newly created risks Newly identified or noticed risks Changes Periodic risk assessments are useful to update risk profiles to take into consideration emerging risks

The guidance is to treat this risk as if it was certain to happen. Risk can rarely be reduced to zero, but incomplete risk assessments may greatly reduce the range of options open to risk managers. A total ban may not be a proportional response to a potential risk in all cases. However, in certain cases, it is the sole possible response to a given risk.

Risk scores are commonly used to support risk-based decisions and are usually derived from a semi-quantitative Risk scores were not calibrated Risk scores were not calibrated and aligned with the risk attitude ( For example, choosing a high risk option even if it was free would not be acceptable if the risk tolerance Using risk scores in an automated process may be vulnerable to the " Automation Bias " As risk-based are no different from risk scores.

The risk and compliance problem: Companies are too reactive. High consequence risk rarely occur due to a failure of a single activity but instead occur because of an alignment of vulnerabilities across multiple activities (i.e. systemic risk). To keep up at the speed that risk becomes a reality companies cannot wait for audit findings to make When companies adopt a proactive approach to risk & compliance they will have a competitive advantage

The concept of resilience is gaining traction particularly among those in highly-regulated, high-risk This sounds similar to the objectives of risk management. At one level one can consider resilience as an outcome of effective risk management in the same way also a capability which serves as a defense against the effects of uncertainty in support of existing risk standards similar to quality, safety and environmental objectives or should it be added to existing risk

companies are looking to integrated and proactive approaches to manage all their obligations, reduce risk Analysis can be an effective tool to ensure that you are not over or under investing with respect to risk #riskmanagement #managedsafety

Everything happens in the presence of uncertainty so make sure your process plan is a risk-adjusted plan #riskmanagement

In highly-regulated, high-risk industries, to improve meeting stakeholder obligations, LEAN COMPLIANCE uses higher standards to expose risk which is then eliminated or reduced to achieve consistent performance

More organizations are appointing a Chief Risk Officer or creating management-level risk committees to help lead the organization’s risk efforts. About half of the respondent organizations engage in formal risk identification and risk assessment processes management posture when the next big risk event emerges. overseeing risks assigned to them.