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September 6, 2013

Your Risk Program is Failing and You Don’t Even Know It

You may be asking how anyone can make such a bold statement without knowing the details of your specific risk program.   Actually, I know more about your risk program than you realize, and that’s why I know it’s failing.  I also know that as much as 55 percent of the cost of all risk programs is wasted!  And more importantly, I can prove it.

Let me demonstrate:  Your risk program (audit, risk management, compliance, ethics, IT and governance) is risk-based.  You have assessed your risks and mapped your controls accordingly.  You have policies and procedures tied to risks and associated internal controls and you monitor the effectiveness of controls on a periodic basis and provide some form of risk reporting using key risk indicators and metrics.  You can effectively articulate the three lines of defense of your risk program.

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http://www.corporatecomplianceinsights.com/your-risk-program-is-failing-and-you-dont-even-know-it