Keeping Your Eye on the Risk Ball

Every compliance officer has to ask themselves whether their activities, meaning their time and attention, is allocated in accordance with the company’s risk profile.  The risk profile framework should be the critical guidance for evaluating whether a compliance officer is using his/her time efficiently. To organize this approach, CCOs should develop a list of risks from highest to lowest, along with the corresponding controls needed to mitigate each specific risk.  With this guidance in place, compliance professionals can ensure that they devote sufficient attention to higher risk activities.