Whilst they are separate areas, the management of risk and compliance demands an integrated approach.
Risk management involves predicting and mitigating risks that could harm a business financially, legally, reputationally or organisationally.
Compliance is the adherence to mandated boundaries – be those external requirements, such as law and regulations, or internal requirements such as company policies and procedures.
Despite their vital importance, risk and compliance are not topics which generally inspire much excitement. Indeed, they are often seen as an expensive and frustrating distraction from getting on with the job!
This seems a bit unfair given the serious, negative impacts which a business could encounter if it fails to manage risk well. Such negative impacts include:
legal (fines and penalties),
financial (reduced profits, share price and investor confidence),
organisational (interruption in business continuity, increased staff turnover, supply problems); and
reputational (damage to brand, client goodwill and employee morale, difficulty recruiting, having to deal with bad press and social media storms).
There’s little to suggest that the number of laws and regulations which businesses in the UK must observe is going to decline significantly any time soon, in fact, quite the opposite. Lots of change brings an increased risk of non-compliance as stretched in-house teams struggle to keep up with evolving requirements.
Coupled with this, stakeholder expectations are increasing. Any violation is increasingly scrutinised, particularly on social media – where a seemingly innocent transgression can quickly spiral out of control with organisations being held to higher moral and ethical standards across the board.
Global BPO offers risk and compliance solutions which bring peace of mind to law firms, banks and other businesses as well as delivering considerable costs savings, when compared to keeping such work in-house. We take the pressure off in-house teams, increase efficiency and reduce the risk of non-compliance.
Risk and compliance management is not just a series of tasks or a set of policies, it needs to be integrated into an organisation’s culture: cross-firm collaboration, technology and training are all equally important.
Every client has a dedicated team to provide high quality assistance tailored to individual needs. Our teams work closely with our clients to understand their business requirements and deliver a seamless service in partnership with the client’s own staff. We are software independent and work with a broad range of providers including CRIFF and Accuity.
We regularly deal with issues relating to data protection, due diligence for potential mergers, employment matters and internal policies as well as liaising with the SRA and professional indemnity insurers. Our teams also oversee process compliance and provide risk management recommendations.
Our teams perform a wide range of tasks to meet our clients’ needs such as client due diligence and onboarding, money laundering checks, politically exposed person checks, assessment of company structures, media exposure analysis, financial transaction screening, tenant screening, conflict of interest checks, age verification, document authentication, fraud prevention, accounting compliance and employee checks. Our teams are overseen by Compliance Managers who ensure quality control and provide detailed analysis and reporting.
Talk to us today about how we can help your business better meet its risk and compliance needs.
email@example.com or 0203 858 7777