How To Do a Compliance Risk Assessment
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- čas přidán 12. 01. 2022
- We decided to start our journey on CZcams this year with a How To Video. The first of which is all about how to do a Compliance Risk Assessment. This is a high level overview to provide you with a better understanding of how this process works. If you would like a more in-depth learning experience on the subject then sign up for my Compliance Practices Workshop. Check out the website for more details on when the next session is taking place.
learning.kccompliance.co.za/H...
You can also complete our Compliance Risk Management 101 online course
www.learning.kccompliance.co....
If you have any additional insights or helpful thoughts on the compliance risk assessment process please feel free to share them in the comments.
Follow KC Compliance on social media for regular updates and more information on what we have coming up.
KC Compliance Instagram - / kccompliance
KC Compliance Facebook - / compliancekc
KC Compliance LinkedIn - / admin
Kudzai Chaka LinkedIn - / kudzaichaka - Jak na to + styl
Compliance process :
1) Identify Assets: Understand the business products/processes or services offered
2) Create a regulatory universe - catalogue or register of relevant laws applicable to the business
3) Impact of the regulatory requirements - likelihood of events occurring that involve breach/violation of laws
Eg: Fines, enforcement actions, loss of reputation
4) Are the controls strong/sufficient enough to address the occurrence of events - existence, operation and effective
5) Assessment of Residual risk - rating of that risk
6) Communication to the business partners - level of risk, management of risk and exposures
7) Risk Matrix - high, medium, low risks- and the controls in place
8) Continuous evaluation of environment - being cognizant of changes in regulatory, market and business environment
Hi ,
I started job in compliances Risk management department in a bank , praying for your long live , this clear my basic more than ever, its really wonderful.
Thank you so much! I'm glad it helped with your understanding. All the best with your job in compliance!
I have a job interview tomorrow surrounding this field and this video was a GREAT refresher on things to remind myself that I've done in regards to conducting an AML risk assessment. Thank you for your work!
Best of luck for tomorrow. I'm glad to have helped you prepare.
Very Informative video.
I love this channel. Thank you Kudzai.
Glad you love it. Another How To video will be up before the end of this week....set your notifications😉
Thank you for the content, this is very informative.
Thanks for watching the video and for the kind words. Watch this space for more informative videos!
So clear, so succinct, so actionable.
Thank you
Glad to hear it! Thank you
Just watched the video. To refresh my memory before I undertake to do one for my business. I enjoyed the video. Previously, I did more as a tick box but watching your video reminded me that putting more effort in the application and reasoning with business will create a lasting awareness. Thank you
I'm glad to hear that the video helped you think differently about your own process. Good luck with your risk assessment!
Brilliant video. I will definitely be sharing these with my team. Thank you for the resource.
Thank you for the great feedback! Lots more to come.
Thank you for the insight.
You're very welcome!
Thank you. Well explained!
My pleasure!
Thank you for the knowledge-packed video. It gave value.
Thank you so much. I'm glad you found it valuable!
Thank you so much Kudzai, you are awesome🤜🤜🤜
Thank you so much. Glad you like it!
very informative!!
Thank you!
Very informative video…Thanks KC
Thank you. I'm glad you're found it useful.
Such a nice and easy to understand lesson!
That's the goal. Glad you enjoyed it.
Very interesting,
well presented and clearly explained. thank you so much...
You're very welcome.
Thank you so much! This will help me a lot for the upcoming interview!
You're welcome. Good luck for your interview.
You can also download my Compliance Interview Top 10 Q&As at our online store.
learning.kccompliance.co.za/Home/store/
Really informative and well presented. Thank you!
Thank you. Glad you liked it.
Thank you for your presentation. You clarified my dark points.
Glad it was helpful to you!
Nice one! Thanks Kudzai!
You're very welcome
Your initiative, acumen and presentation has inspired me. Thank you.
Thank you so much for this message🙏🏾
Thanks for the video, very clear and simple! I work in FinCrime but the applicable concepts are the same!
For sure. Its applicable across subject matter expertise!
Hi thanks for the workshop. It was very informative .It helped me revise my compliance and risk course.
Cheers Sarah N.
You're welcome!
Great video
Thank you🙏🏽
Thanks its useful
Welcome 😊
Found this GEM TODAY....
Yay!! Welcome to the channel
Well presented Kudzai
Thank you so much. Glad you liked it.
Thankyou Kadzai, it's really informative video. By watching this we can feel how the process works. Appreciate, if you could add some examples.
Thank you for the appreciative comments. I will take your feedback onboard for future videos.
Thank you for the succint explanation ,appreciate it. Could you possibly follow this with real time business example based on latest technology ,,say SAAS application .
Thx
You're welcome
I love how to videos! Thanks. Can you share a link to an example or template of a regulatory universe/register for AML compliance?
Hi I'm glad you like it. Unfortunately I don't have links to templates that I can share.
@@CompliancewithKudzai Ok. Thank you for your reply! This video was very helpful to me.
This is very informative and helpful! You mentioned the assessment of controls in Likelihood and the later Control Environment sections. Would you please clarify the differences further, thanks so much.
Glad you found it informative and helpful. I'm not sure Imunderstand your question though...can you please rephrase it and then I'll be happy to elaborate.
@@CompliancewithKudzai Sure, let me put it this way -
When talking about likelihood, we look at our business and the controls that have been put in place; After completing the risk assessment (high, medium, or low), we look at the controls "again" and rate those controls. Since we look at the controls twice here, I'm just wondering what is the difference? Also, is there any other way to assess likelihood for compliance risks in addition to the controls in place? Thank you :)
@@user-kg3qu8bw6f Thanks for clarifying. The first time you look at likelihood you are saying "given the controls/preventative measures we have in place, what are the chances that this risk will materialise." The focus is on the materialisation of the risk. The second time you are looking at the controls the focus is on their effectiveness. Now you are saying "how effective are these controls in managing the risk, are they adequate or do we need to do more to better manage the risk." So you are looking at the same controls but with a different lens in each case.
@@CompliancewithKudzai thank you. so clear now!
I liked the simple way how you are traying to explain the risk assessment, this friendly way to influence the members of the board of directors who do not have any background on the importance of having compliance with the laws from the regulatory authorities.
It's always best to explain in simple terms especially when speaking to stakeholders. They need to understand clearly so speaking in too technical terms is counter productive.
Thanks for the good content. Can you do a video on financial compliance analyst jobs roles
Hi, I hope you saw my latest video.
czcams.com/video/iuwEuMEXPwA/video.html
Your video confirmed my career goal to work in the compliance field. My question is...is there compliance management/ regulation app? It can help to automate the process.
There are lots of Compliance Risk Management automated tools avaible aka GRC software. You would need to investigate which one is best for your needs.
Another good one. Can you please give us an example of residual compliance risk for more clarification. Thanks
I'm actually going to do a video to explain this more clearly soon.
@@CompliancewithKudzai thanks 🙏. What certificate can you recommend later for this please.
Hi . Can you please let me know what is the difference between Compliance Framework and Compliance Program.
The Compliance Framework is the organisations overall guideline that sets out how compliance will be achieved in an organisation e.g. The Board and Management's roles and responsibilities, establishing the independence of the compliance function as well as setting out how compliance will be achieved through the compliance program. The compliance program itself then has the details for execution e.g. Regulatory Universe, Risk Assessment, Policies and Procedures, Training etc.
If you'd like to learn more about the compliance program you can sign up for our Compliance Risk Management 101 online course.
learning.kccompliance.co.za/Home/courses/
Hay quá
Kudzai, would you do a video on how to construct a risk matrix?
Its something that is on the cards for the future.
Please kindly do a video on SME (subject matter experts) in compliance
Thanks for the suggestion will.have to think about the best way to put it together. Do you have a particular speciality in mind?
Well I will say general role of a SME and what kind of inputs and speciality a SME can provide on Sanction regimes , PEP/AP & CR and Shell & offshores entities .....I just want to gain some insight on this please 🙏🏾... 🙂 Thank you
How important is construction risk management to an environmental health and safety professional? I cover New England and I never considered including risk management for inspecting construction and environmental project sites. I appreciate your feedback.
I'm not very familiar with the regulatory framework in construction but I would say that OHS is a critical component within it. It's definitely a space that needs risk management, effective controls and regular reviews of the adequacy and effectiveness of those controls. A lot of training and awareness work to also make sure employees know what is expected of them.
Thank you for the content Kudzai 🙏🏾.
In measuring the frequency and likelihood of an event occurring, and the impact thereof, is it ideal to consider scenario analysis? Or it's a separate task from risk assessments
Evaluating the possible scenarios is useful in the assessment process but it must be backed by evidence e.g. what enforcement action has the regulator taken for similar incidents in the past when they occurred. What reputational damage occurred, was anyone fired or sent to jail.
@@CompliancewithKudzai Thanks for the feedback Kudzai. Reading your reply reminded me that a "compliance" risk assessment varies from an "operational" risk assessment. I think I mixed the two whilst watching this video.
Thank you for this informative video. I have a masters degree in criminology and I want to get a job as a compliance associate. Do you have any tips on how to prepare for a job interview? Thanks.
Hi check out my video czcams.com/video/Rz8rZQiqKJs/video.html
And this one too...
czcams.com/video/ixr54yNHPiw/video.html
All the best with your interviews.
Very interesting.. one question.. in our organisation .. Risk dept already performed the risk assesement.. should compliance do another compliance risk assessment? Thanks in advance
The risk assessment done by Risk looks at all the types of risk faced by a business, e.g. credit risk, operational risk, liquidity risk as well as compliance risk. The compliance risk assessment is focus solely on the compliance risks and should be a more detailed assessment than what would be done by the risk team. I would recommend that compliance always does its own risk assessment.
Your comment is very helpful
Hi Kudzai. How can I join the workshop?
Hi Elizabeth, please visit the KC Compliance website for all details on workshop dates and times.
learning.kccompliance.co.za/Home/workshops/
@@CompliancewithKudzai noted thank you
Nice information. I would like to add some recent considerations in Compliance Risk Assessment that are used by financial institutions. Those considerations include the "Prediction of Risks". By "Prediction of Compliance Risks", i mean here that institutions in addition to past or existing regulatory requirements that are included in risk assessments, financial institutions now also predict "new or expected regulatory compliance requirements" by studying the alternative data, regulatory focus/news, use of emerging technologies, significant new compliance breaches or frauds, etc. Now without Risk Prediction, the compliance risk assessment would be the traditional one and not the dynamic. Thank you
Thanks for sharing this. Very informative!
@@CompliancewithKudzai you are most welcome
when is the next workshop? 29/7/23 12:22
Date is still to be confirmed but I always on all social media platforms. Stay tuned for an update.
wla jd kay ang konon saako
dave lame lwgar unsa man nganlan tika
Thank you so much this has been so easy to understand. Kindly share your email address
Thank you! You can email learning@kccompliance.co.za