Posted by Nicole Sandford, Partner, Deloitte & Touche LLP
Deloitte recently presented at the 2014 Compliance Week Conference in Washington, D.C., which drew top executives and compliance professionals from leading companies across a wide range of industries. Hot topics included the rising importance of reputation risk and third-party risk, as well as the need for a more integrated and efficient approach to managing different types of compliance risk.
Managing risk and compliance in today’s fast-paced global business environment is more challenging than ever. To avoid trouble, many companies are conducting a number of risk assessments for different purposes, including those executed by internal audit, enterprise risk and compliance. All of these are important. However, many compliance professionals and executives at this year’s conference expressed concern that these efforts have not been well coordinated, resulting in “assessment fatigue” in the businesses.