There are no unified criteria for assessing the level of risk; each organization determines the degree of potential threats according to its own standards. But if the danger is assessed as high, it is imperative to think through and implement measures to reduce it.
Increase Your Profits by 10X: 5 Key Metrics You Must Track
Alexander Kuleshov
Alexander Kuleshov
General Director of Sales Generator LLC
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After working with over 300 online projects , I can guarantee: monitor these metrics weekly and your company will not only survive, but also increase its profits by 10 times!
In the context of sanctions and crisis, knowing the ROI of your advertising decides whether your business will be successful. Tracking these 5 critical indicators is the key to your prosperity.
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Ways to reduce compliance risks
The main ways to reduce compliance risks include:
Collection of information data at the enterprise from all available sources
To assess risks, use all the information that can be obtained from internal sources of the organization. Continuously collect data and, based on this, conduct an analysis of the potential of identified risks in terms of the likelihood of their occurrence, as well as the consequences that they may lead to.
Ways to reduce compliance risks
Automation of business processes at the enterprise
Use specialized tools and programs in your company's work that can help manage compliance risks. Their functionality can be quite broad: from ensuring high accuracy of corporate information to identifying questionable or illegal actions. Actively use specialized software to minimize the risks of failure to provide the necessary data on time.
Distribution of duties and powers in the enterprise
The organization's personnel must clearly understand not only their own job responsibilities, but also their role in ensuring the protection of the company from compliance risks. Be sure to include this in employment contracts and internal corporate standards.
Carrying out continuous monitoring and making adjustments
If any business process has a detailed description, and an algorithm for its operation is prescribed, but even under these conditions it does not function properly, this is a signal to review and adjust internal corporate standards.
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Compliance risk management system
The main goal of compliance is to bring any corporate activity into compliance with current legislation and maintain it within the legal framework.
Compliance risk management system
Today, compliance is at the very beginning of its development in Russia. Most often, this concept is used in foreign companies operating in our country, as well as in banking and credit organizations; antimonopoly compliance risk management is actively developing. Ten years ago, the National Compliance Association was organized, providing advisory assistance to entrepreneurs.
In recent years, the small and medium business sector has been experiencing increased interest from regulatory authorities: the number of inspections of enterprises, especially by tax authorities, has increased significantly. Practice shows that tax authorities are more loyal to those companies that have a compliance control system in place. There are frequent cases when the Federal Tax Service, instead of an administrative fine, issues recommendations to such companies to eliminate violations identified during the inspection.
Nowadays, more and more companies are abandoning shadow financial schemes and operating in the white light, demonstrating commitment to the principles of transparency in all business processes and a complete rejection of any corrupt actions. This approach guarantees the loyalty of not only clients, but also partners and suppliers. If your organization cooperates with foreign counterparties or investors, you cannot do without compliance.
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