Last week, the Practical Law In-house Consultation board met to discuss some of the pain points that are currently exercising them and their colleagues in the compliance space. The discussion led to some valuable takeaways that are summarised in this post.
All the attendees agreed that companies are struggling to keep on top of an ever-increasing compliance burden. One organisation, keen to avoid a false sense of security, is undertaking an exercise to map the strategic, business process and business operational risks it faces against the control and assurance activities it undertakes in each line of defence. Their key question is: how much reliance can they place on their controls and the assurance activities they undertake?