Developing Your Risk Profile: Utilizing Data Analytics for Risk Assessments and Identifying Compliance Weak Spots

November 29, 2022 9:30am

James Griffin
Vice President Risk & Compliance Americas and Global Compliance Operations
American Express Global Business Travel

Travis Hunter
Senior Vice President, Financial Crimes Compliance, US Head of Anti-Bribery and Corruption
HSBC North America Holdings Inc.

Compliance programs must be customized to the challenges facing each company; and be comprehensive enough to deal with all of the risks the company has identified. An effective risk assessment is crucial, and should begin with a detailed picture of the compliance landscape your company operates in.

Since your compliance efforts should be aimed squarely at the risks that are most critical to your business, it is important to identify all of the variables that that represent the threats and dangers.

In this session we will examine best practices for identifying the threats and developing your risk profile, such as:

  • Developing an understanding of the current state of affairs; finding out what risks already exist; and documenting the key company processes, systems, and transactions that need to be monitored for risk
  • Ensuring a full understanding of your business operations when conducting a risk assessment
  • Mapping out the potential risk contact points that exist throughout your company 
  • Assessing the current controls in place to prevent, detect, and correct violations
  • Determining and prioritizing the compliance enhancement measures you undertake
  • Updating your risk assessment periodically