What is a Compliance Risk Management Plan?
A compliance risk management plan is a comprehensive set of initiatives and processes that are designed to identify and mitigate compliance risks. The plan provides the framework to ensure that all risks are identified, assessed, and managed properly. The plan should also provide guidance on how to respond when risks are identified, and how to report on compliance with applicable regulations.
What's included in this Compliance Risk Management Plan template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Compliance Risk Management Plan template for?
This plan template is designed for compliance teams of all sizes and industries. It is intended to provide a comprehensive framework for creating a plan to manage compliance risks. The template helps to identify potential risks and develop strategies to mitigate those risks, as well as set measurable targets (KPIs) and implement related projects to achieve the KPIs.
1. Define clear examples of your focus areas
A focus area is a broad topic or category under which objectives, actions, and measures are organized. When defining a focus area, it is important to make it specific enough to capture the relevant objectives and measures, but not so specific that it is overly restrictive. Examples of focus areas include Compliance Risk Management, Governance, and Monitoring.
2. Think about the objectives that could fall under that focus area
An objective is a specific goal related to a focus area. Objectives should be measurable, achievable, and actionable. They should also be broken down into smaller actions and measures that can be tracked and reported on.
Examples of some objectives for the focus area of Compliance Risk Management could be: Identify and Evaluate Risks, and Develop and Implement Risk Mitigation Strategies.
3. Set measurable targets (KPIs) to tackle the objective
A key performance indicator (KPI) is a measurable value that is used to track the progress of an objective. KPIs should be measurable and achievable, and they should be set at a level that allows for progress to be tracked and reported on. KPIs should also be aligned with the overall objectives of the compliance risk management plan.
An example of a KPI for the focus area of Compliance Risk Management could be: Number of risks identified.
4. Implement related projects to achieve the KPIs
Projects (actions) are the steps necessary to achieve the objectives and KPIs. Actions should be specific, measurable, achievable, and actionable. They should also be broken down into smaller tasks that can be tracked and reported on.
An example of a project related to Compliance Risk Management could be: Conduct Risk Assessments.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is a strategy execution platform that helps organizations achieve their goals faster and more effectively. Cascade helps organizations identify objectives, set measurable targets, and implement projects to achieve those targets. Cascade also provides real-time reporting and tracking, so organizations can easily monitor their progress and make adjustments as needed.