Why Running a Compliance Risk Assessment is Important

July 21st, 2016 / Blogs

Before exercising, of course, you should consult a doctor. Although moderate physical exertion might be safe for some people, health experts recommend you talk to you doctor before starting a new workout regimen, especially if you aren’t used to regularly working out or have an existing health problem. Just as it is important to keep your health in tip-top shape – it is imperative that your organization operates like a well-oiled machine. Running a compliance risk assessment also known as an integrity riskis part of the collective governance, risk management, and compliance discipline.

Why Compliance Risk Assessment is Important

The inability of companies tocompile acompliance risk assessment can lead toviolations that include, but are not limited to:

  • Payment for damages.
  • Fines.
  • Voided contracts.
  • Loss of reputation.

Through the process of compliance risk assessments, professionals can assist management in making the connection between business core goals and the processes needed to get there. Since there are numerous ways to effectively run a business, it is important to build a foundation on the case for integrated governance, risk, and compliance.

Key Benefits You Will Experience

  • Process optimization – non-value-added activities are eliminated and value-added activities are streamlined to reduce lag time and undesirable variation.
  • Better capital allocation –identification of areas of redundancy and inefficiency allows financial and human capital to be allocated more effectively.
  • Improved effectiveness – the net effect of all the activities above means activities are directed to the right people and departments.
  • Protected reputation –when risks are managed more effectively, company reputation is enhanced.
  • Reduced costs –lower costs contribute to the overall ROI gains represented by effective GRC activities.

GroupOne Does Compliance Risk Assessment

GroupOne are compliance professionals who have developed their expertise in communicating the importance of compliance risk assessments. Your time should be spent running your business and generating revenue, not bothering with your network or hassling with Internet service providers. GroupOne’s OneCare managed IT services takes that stress away, giving you less to worry about. Connect with us today!

Written by Chris Wiegman