11.5 Compliance management tools Flashcards
List 5 compliance management tools.
Policies and procedures Compliance conduct tools Compliance reviews and audits Compliance impact analysis Gap analysis and action planning Compliance reporting HR controls Whistleblowing procedures Establishing an appropraite compliance culture
Why would an organisation need compliance policies, or a code of conduct?
To specify how compliance risks are to be addressed, or the type of conduct expected of staff.
What is the purpose of a compliance review?
Review and report on the effectiveness of compliance based controls.
What is a compliance impact analysis?
A form of risk assessment that investigates the impact of a compliance breach.
What are indirect financial costs of compliance breaches?
Costs associated with managing the effects of a breach. e.g. staff time.
What is the purpose of a compliance gap analysis?
To help an organisation understand whether its existing policies, processes, etc, are sufficient to comply with relevant laws and regulations.
Who should conduct a gap analysis?
A small team of relevant experts.
Give three examples of HR related compliance controls.
Recruitment controls to ensure proper employees are recruited.
Performance management processes
Disciplinary procedures
What is the purpose of a whistlelblowing procedure?
To outline how staff should report concerns about conduct in their organisation.
What is compliance culture?
The general attitudes and behaviours that staff members have in relation to compliance.
List three methods of ensuring an appropraite compliance culture is in place.
- clear organisational values and codes of conduct.
- performance management and bonus arrangements that enforce values
- commitment from directors to maintain compliance
- providing staff training
- explaining to employees the beenfits of effective compliance management
- reinforcing openness and honesty with a no-blame ethos
