Keeping Compliance

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Increasing the pace of small initiatives to integrate governance, risk and compliance is critical in helping Boards with their capacity to gather and manage real-time data on strategic risks – including compliance risks that can impact upon their legal and/or community license to operate, according to Alf Estaban, general manager of SAI Global.

Visibility of these strategic risks is essential for Boards to undertake their core functions, said Estaban, who noted that regular discussions about the adequacy and effectiveness of programs, coupled with an active review of compliance reporting, are key tools in ensuring Boards are confident in managing compliance risks.

He added that Boards also need to actively promote a culture of ethics and compliance through clear policies and other activities which inform staff about desired behaviours.

“Importantly, Boards should promote a culture of openness and provide access to independent whistleblowing services to reinforce that [they are] serious about wanting to know and address serious breaches or incidents,” said Estaban.