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 teams
Leverage analytics for forward-looking, predictive controls
Apply regulatory compliance expertise and utilise automated workflow tools for more efficient remediation of compliance enforcement actions or issues
Develop regulatory compliance and performance measures that take into consideration customer needs, business objectives, and regulatory changes
Translate customer and compliance needs into design requirements for new products or services
Establish routines for monitoring regulatory compliance performance
Develop, execute, and integrate a regulatory compliance technology ecosystem that enables efficient and effective compliance activities

Integrate compliance into agile risk management teams

FLOD:Compliance Readiness/Process Transformation/Monitoring and Testing

We assist First Line of Defense (FLOD) with their overall compliance programme and establish monitoring and testing activities to validate established processes and controls are effective in mitigating risk.

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.

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.

Compliance Management System (CMS) Reviews/Development

Protiviti ensures all pillars of the CMS, board and management oversight, compliance programme, 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.

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 programme is crucial in an ever-changing regulatory environment.

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:

Programme Design and Implementation
Programme Self-Assessments
Monitoring & Testing
Risk Assessment
Issue Resolution and Customer Remediation
Third-Party Risk Management

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