Enrique J. Terol Navarro
Compliance Officer
Member of World Compliance Association
Ensuring compliance with legal requirements, regulations, ethical standards, and internal policies is crucial for the smooth operation and success of any organization. With our expertise and experience, we specialize in guiding businesses through the complex landscape of compliance, offering comprehensive support to meet all necessary obligations.
CORPORATE COMPLIANCE RISK ASSESSMENT
Corporate Compliance Risk Assessment is a process whereby a company identifies, evaluates, and prioritizes risks associated with non-compliance with relevant legal, regulatory, and ethical standards for its business activities. This process involves:
- Risk identification: Identifying all areas where the company could face compliance risks, such as labor laws, environmental regulations, financial norms, among others.
- Risk assessment: Once identified, risks are assessed to determine their likelihood of occurrence and potential impact on the company if they materialize.
- Risk prioritization: Risks are prioritized based on their impact and likelihood, allowing the company to focus on those that are most critical or urgent.
- Development of mitigation strategies: Strategies and controls are developed to mitigate or reduce identified risks, which may include policies, procedures, training, monitoring, and continuous review.
- Implementation and monitoring: Once mitigation strategies are established, they are implemented and monitored to ensure their effectiveness over time.
Corporate Compliance Risk Assessment is crucial in helping companies comply with applicable laws and regulations, minimize the risk of legal or financial penalties, protect the company’s reputation, and foster a culture of ethical compliance throughout the organization.
Developing and maintaining compliance programs
This involves designing and implementing policies, procedures, and internal controls to ensure compliance with applicable laws and regulations..
MONITORING AND EVALUATION
You must closely monitor the organization's activities to identify potential areas of risk or non-compliance. This may involve conducting internal audits, process reviews and risk analysis.
TRAINING AND AWARENESS
It is important that all employees understand relevant laws and regulations, as well as internal compliance policies. The compliance officer can provide training and educational materials to ensure staff are well informed.
MANAGEMENT OF COMPLAINTS AND QUERIES
Typically serves as a point of contact for any questions or complaints related to legal or ethical business practices. They must investigate these complaints appropriately and take necessary steps to address any issues identified.
COLLABORATION WITH REGULATORY AUTHORITIES
In the event of regulatory investigations or external audits, acts as a liaison between the organization and regulatory authorities, providing necessary documentation and coordinating the company's response.
1. IDENTIFY RISKS
It consists of identifying all areas in which the company could face compliance risks, such as labor laws, environmental regulations, financial regulations...2. DEVELOP STRATEGIES
Strategize how to stay protected from potential risks: Understand the departments and results that would be affected by potential risks.3. PRIORITIZE RISKS
Prioritize serious risks: Address compliance weaknesses based on the severity of their impact on your business and rank them
4. DETERMINE DAMAGE CONTROL MEASURES
Determine damage control measures: Create and share plans with stakeholders to address potential risks if they occur.
5. IMPLEMENT CONTROL STRATEGY
Implement a control strategy: implement internal controls and measures to address the compliance weaknesses we have.
6. TEST AND VALIDATE THE STRATEGY
Test and validate compliance strategy: Verify the effectiveness of your compliance controls through necessary periodic testing
7. EVALUATE AND UPDATE
Reassess risks and update them periodically: Monitor and update controls as your business grows and industry standards evolve.
CONTACT FORM
Address
17600 FIGUERES (SPAIN)
B55107593
Phone
+34 972 50 20 92
SCHEDULE
Monday 9:30–17:30
Tuesday 9:30–17:30
Wednesday 9:30–17:30
Thursday 9:30–17:30
Friday 9:30–17:30
Saturday closed
Sunday closed