MANAGING POLICY, COMPLIANCE AND RISK
RC: How would you characterise the level of importance companies typically place on managing their risk and compliance programmes in today’s business world?
Crame: Historically, risk and compliance was a grudge activity for many companies, and was often only addressed ‘after the event’. Times have changed and in today’s business world, most companies realise the critical importance of an effective risk and compliance programme, as it can not only protect their business from unplanned events, but it can also enhance the quality and reputation of the business and the brand in general. An effective risk management process can also ensure that opportunities that are identified are maximised. Many RFIs, RFPs and tenders that are issued these days request full disclosure in terms of a potential vendors risk and compliance programme, as the potential threats to the business and challenges thrown up from the supply chain are now far better understood, and are being addressed.
RC: In your experience, how can technology and software assist in addressing the various challenges surrounding policy, compliance and risk management?
Jul-Sep 2015 Issue