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Defining the boundaries of a compliance department, especially in large organisations, can be a difficult task. What is compliance responsible for? Is compliance a matrix function? Does it have a global mandate? Is it responsible for development, implementation and audit/monitoring, or is it only responsible for program development and other parts of the business responsible for implementation? Does compliance conduct audits, or is that left to internal audit? Understanding and documenting the precise scope of the compliance department and being clear on its responsibility is important. In large distributed companies, simply understanding, agreeing and documenting this could take many months.
This service is useful if you:
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have unclear responsibilities and infighting often breaks out when you try and enforce compliance and new procedures
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have a company which has multiple lines of business, many of which operate differently and have different compliance needs; where your compliance department is supposed to have overall responsibility but lacks any actual effective control
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operate using full- and part-time compliance resources, many of which do not report to you or your compliance department, and those resources are unclear on their priorities
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have a situation where it is unclear who really does what, but at the end of the day you will be held accountable if something goes wrong.
Benefits:
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Clear definitions of roles, responsibilities, and accountability
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Removes turf wars, clearly articulating roles
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Allows for smoother implementation of new programmes.
This service is designed to address the following:
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