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Compliance Risk Assessments

In compliance, it is always important to know what you need to comply with. Risk assessments are about identifying risks and doing something about them.

Many companies get compliance risk assessments completely wrong. Most of them rely on computer-based programs that often overwhelm and confuse the compliance team on what is a risk and what is not. We take a different approach to compliance risk assessments. Our solution is tightly integrated into the business, and understands its objectives and plans. Only then can you start to think about the internal and external factors that may amount to a risk. Many companies get lost in creating spreadsheets of risks and losing track of the bigger picture: the need to manage them.

This service is useful if you:

are lost in hundreds or thousands of possible risk threats and simply can’t comprehend a way forward
have a need to develop the top ten issues that you need to focus on as a compliance department
are launching new products, new regions or new countries into the business and you need to consider regulatory and country risk for compliance
want a practical and fast way at managing risk.

Benefits:

Quick execution and focused risk assessments
Facilitated meetings and workgroups to determine risk and ensure it is aligned to the business
Alignment to business goals.

Case studies

A large semiconductor company wanted to test its compliance risks and determine whether the risks they produced from a computer program actually affected the business. Through a series of interviews and focus sessions, it was identified that the far majority of risks identified by the computer program were irrelevant or unlikely.

A healthcare medical device company employed The Red Flag Group to look at the risks associated with selling products through a distribution channel and develop a comprehensive third-party compliance programme to manage those risks.

Before launching its first compliance department, a regional healthcare company engaged The Red Flag Group to conduct risk assessments in four Asian countries to look at country-based risks in distribution of its products and build an effective compliance programme to manage them.