Compliance should provide value, not simply “check the box”

To achieve value, it’s critical to:

First: Perform an entity wide risk assessment that includes leadership from all critical business units.

Second: Develop or update entity wide policies and controls to mitigate the risks identified.

Third: Develop detailed procedures to ensure controls continue to function as intended and expected.

Fourth: Educate all employees with regards to entity wide policies and provide detailed procedural training.

Last and certainly NOT least: Empower your employees to report new risks, control failures and opportunities for control enhancement and process improvement.

BETTER, FASTER, CHEAPER….

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