Welcome to a special podcast series on the Compliance Podcast Network, 31 Days to a More Effective Compliance Program. Over these 31 days of the series in January 2025, Tom Fox will post a key part of a best practices compliance program daily. By the end of January, you will have enough information to create, design, or enhance a compliance program. Each podcast will be short, at 6-8 minutes, and will include three key takeaways you can implement at little or no cost to help update your compliance program. I hope you will join us each day in January for this exploration of best practices in compliance. 
In this episode, we discuss the essential role of risk assessments in anti-corruption compliance programs. A well-structured risk assessment forms the foundation of every corporate compliance program. We explore how organizations should identify, assess, and define their risk profiles, emphasizing the need for annual risk assessments whenever business risks change. The focus then shifts to geopolitical issues, supply chain dynamics, and evolving work environments and how these should be factored into compliance risk assessments. Historical perspectives from DOJ guidelines and the importance of a robust risk identification, analysis, and management methodology are also discussed. As highlighted, documenting these processes is crucial for developing an effective compliance strategy that evolves with the company’s risk landscape. Finally, the episode outlines the steps to create a comprehensive risk management strategy post-assessment, including policy development, training, monitoring, and updating protocols.
Key highlights:

The Importance of Regular Risk Assessments

Methodologies for Risk Assessment

Steps in Conducting a Risk Assessment

Resources:
Listeners to this podcast can receive a 20% discount on The Compliance Handbook, 5th edition, by clicking here. 
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