10 Business Risk Reduction Principles
Roy Snell, Strategic Advisory Board Member
June 20th 2019
Avoiding Risk of Any Kind Whatsoever May Require Some Tough Choices.
So… you are looking to reduce risk in your organization or you are starting a business and would like to find a fail-safe way to keep risk at bay. Well, perhaps you should consider these 10 Risk Reduction Principles to help you reduce your exposure significantly.
|Don’t pay anyone any money||Anti-Bribery Law|
|Don’t accept money from anyone||Anti-Money Laundering Law|
|Never invoice the government||False Claims Act|
|Don’t store data||Data Privacy Law|
|Never hire employees||Employment Law|
|Do not invest money||Insider Trading Law|
|Eliminate all expenses and revenue||Tax Law|
|Immediately give all revenue to charity||Embezzlement|
|Have no interests||Conflict of Interest|
|Forbid the use of computers||Cybercrime|
In case you haven’t noticed, I’m being a little tongue and cheek. The reality is that there is inherent risk in the business world.
Our job as compliance officers is to minimize that risk to the best of our ability – by engaging in risk assessment, seeking out tools and resources that enable us to do our jobs more effectively. Throwing up your hands because it’s often difficult isn’t a solution. Complaining about the regulations is not a solution. Deny and defend is not a solution. Hoping it will all work out if you just tell people to be ethical is not a solution.
Implementing a compliance program is a solution.
Without the rule of law and enforcement of the rule of law, we would be like the many other countries that have failed. The rule of law is messy but without it and compliance programs we would fail.
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