Video 8: Conducting Business and Doing a Risk Assessment

||Video 8: Conducting Business and Doing a Risk Assessment

Video 8: Conducting Business and Doing a Risk Assessment

$525.00

If your company doesn’t have a current risk assessment protocol, than you’re at risk, so what is the best way for your organization to conduct a meaningful and effective FCPA risk assessment?

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Product Description

If your company doesn’t have a current risk assessment protocol, than you’re at risk, so what is the best way for your organization to conduct a meaningful and effective FCPA risk assessment? The DOJ and SEC make clear that your entire FCPA compliance process revolves around performing a risk assessment; this is an ongoing tool which allows you to implement a FCPA compliance program specific not only to the needs of your business but also to the risks of your business. In this session, Tom looks at this key planning tool and what you should expect to receive from your risk assessment.

Why is a Risk Assessment Important?

The DOJ and SEC make clear that your entire FCPA compliance process all revolves around a risk assessment. This is an ongoing tool which allows you to implement a FCPA compliance program specific not only to the needs of your business but also to the risks of your business. A risk assessment is the key planning tool to calibrate your compliance program as your risks change due to shifts in products, markets, third party partners and representatives.

What should you expect to receive from your risk assessment?

There are several key outputs that should flow from your risk assessment. Some of these include:

  • You should consider carefully the addressees of full risk assessment;
  • You should use of a summary report for other stakeholders, including the board and senior management;
  • You should outline your methodology and be clear on scope and limits of assessment;
  • You should use risk matrices to grade risks into categories;
  • You should identify areas of uncertainty and those requiring further assessment; and
  • You should put together timetable for updating risk assessments

Five Key Recommendations for Use Regarding Your risk assessment
There are several key outputs that should flow from your risk assessment. Some of these include:

  • Perform your risk assessment no less than annually;
  • Build this annual risk assessment into your company’s compliance program.;
  • Use risk assessments to scrutinize new business partners and third-party agents;
  • Use risk assessments to update your FCPA compliance policies and procedures based upon current enforcement trends; and
  • Memorialize risk assessment findings in an internal annual reporting process.