Control activities are the specific procedures designed to mitigate significant risks.
Information created from establishing the compliance program should be retained and used effectively. Both information that helps set “ground rules” and expectations, and actual results that can be used to gauge against expectations should be communicated to stakeholders.
Monitoring is an instrumental part in maintaining the quality of the compliance program. It is a vital component that provides the overseer with opportunities to assess the quality of regulatory compliance and to identify possible weaknesses or improvement opportunities.
templates to mitigate the significant risks.
ranked by risk weight accompanied by remediation recommendations.
The auditor validates any deficiencies noted with the relevant stakeholders prior to finalizing the report. Using detailed audit results, the CCO can provide feedback to the Operations Manager and Sales Representatives. Using risk-weighted deficiencies and remediation plans, the CCO can oversee and monitor improvements to the compliance program by incorporating the deficiencies into the next risk assessment iteration. Through the audits, the company is demonstrating its proactive strive for continuous improvement in regulatory compliance. And in fact, the compliance program will improve if gaps identified by the audits are effectively remediated.