Compliance Risk Management Leverages regulatory compliance to mitigate risk and enable innovation. There's a better way to manage the burden of regulatory compliance. Imagine if functions were aligned to business objectives, processes were optimised, and procedures were automated and enabled by data and technology. Regulatory requirements would be met with efficiency. Controls become predictive instead of reactive. Employees derive more value from their roles. The business can take comfort that their reputation is protected, allowing for greater focus on growth and innovation.Protiviti helps organisations:Integrate compliance into agile risk management teamsLeverage analytics for forward-looking, predictive controlsApply regulatory compliance expertise and utilise automated workflow tools for more efficient remediation of compliance enforcement actions or issuesDevelop regulatory compliance and performance measures that take into consideration customer needs, business objectives, and regulatory changesTranslate customer and compliance needs into design requirements for new products or servicesEstablish routines for monitoring regulatory compliance performanceDevelop, execute, and integrate a regulatory compliance technology ecosystem that enables efficient and effective compliance activities Integrate compliance into agile risk management teams Our Compliance risk management services Pro System Security FLOD:Compliance Readiness/Process Transformation/Monitoring and Testing We assist First Line of Defense (FLOD) with their overall compliance program and establish monitoring and testing activities to validate established processes and controls are effective in mitigating risk. Pro Location Globe Second Line of Defense (SLOD): Compliance Risk Assessments, Compliance Testing We assist clients with developing risk assessments, testing requirements or overall methodology. Compliance Risk Assessments and Compliance Testing are critical tools that SLOD can use to monitor compliance effectively and identify gaps. Pro Rightmark Square Third Line of Defense (TLOD): Audit Plan Development/Compliance Audits Protiviti focuses on documenting an Audit strategy to monitor companies’ compliance with applicable regulations and policies and procedures. Audit plans should be developed based upon a client’s level of risk acceptance. Pro Briefcase Compliance Management System (CMS) Reviews/Development Protiviti ensures all pillars of the CMS, board and management oversight, compliance program, and compliance audit work cohesively to mitigate risk. A CMS is an effective tool for companies to manage risk and foster a culture of compliance. Pro Document Stack Regulatory Change Management Protiviti’s helps clients understand the impact of regulatory change and how to implement the requirements to ensure compliance. Having an effective regulatory change management program is crucial in an ever-changing regulatory environment. Pro Document Consent Product Lifecycle Reviews Protiviti assists clients by taking a holistic approach, assessing risk from critical areas, including compliance, operations, privacy, legal and marketing when developing new, reviewing existing or retiring current products. Compliance can provide a unique competitive edge Our approach In a dynamic world, Protiviti’s agile risk management framework helps you fully understand the risks to your business and the critical information you need to protect it. A strong regulatory compliance function leads to more than reduced risk of non-compliance and regulatory penalties, but also to improved customer experience, enhanced brand loyalty, and increased value for stakeholders. While compliance is an understood necessity, it can also provide a unique competitive edge.Protiviti’s Compliance Risk Management Services include:Program Design and ImplementationProgram Self-AssessmentsMonitoring & TestingRisk AssessmentIssue Resolution and Customer Remediation Third-Party Risk Management Download Compliance can provide a unique competitive edge Resilience Practices Can Help Firms Mitigate Supply Chain and Third-Party Provider Risks - Top of Mind Compliance Issues for 2021 Today, customers’ expectations of quality and timeliness of service delivery continue to increase, especially in industries where disruptive and/or alternative providers exist. Companies are under pressure to build more resilient enterprises that, in the event of a disruption, can rapidly recover business services to minimise customer impact. This means having a strong focus on the broader... Read More CFPB Ready for Heightened Enforcement - Top of Mind Compliance Issues for 2021 The new U.S. administration in Washington is likely to increase its scrutiny of consumer financial products and services. Nowhere is this more evident than at the Consumer Financial Protection Bureau (CFPB), which is uniquely positioned to provide greater regulatory oversight of financial services institutions, increase scrutiny of potentially unfair, deceptive, or abusive acts or practices, and... Read More Fair Lending and Servicing Practices Face Deeper Scrutiny Under New Administration - Top of Mind Compliance Issues for 2021 New presidential administrations often establish new demands and priorities with regard to addressing and enforcing current regulations based on their own priorities. The latest change in the White House, with the Biden administration assuming control, has been no exception. Whereas the Trump administration scaled back enforcement of financial regulations in a number of areas, including but not... Read More