Achieving more with less....
Maria Thestrup
Chief Ethics, Risk and Compliance Officer at Gavi, the Vaccine Alliance | Member of Gavi’s Senior Leadership team | opinions expressed on LinkedIn are my own, not those of Gavi.
Over the past few months, I’ve had the privilege of engaging in insightful conversations with several peers in the ethics, risk, and compliance (ERC) space. A common theme that emerged was about navigating expanding ERC mandates with constrained budgets - a challenge that many are facing today. How can ERC functions maintain their relevance and continue to evolve while being allocated limited resources? Here are a few insights and thoughts that surfaced during these conversations.
Enterprise Risk Management (ERM) is a powerful tool for enhancing accountability through increased transparency. When fully supported and integrated, ERM fosters coordination and agile communication by dismantling traditional silos and bringing valuable data and qualitative information to the first line, executive management and oversight bodies. However, the value of ERM processes are often not recognised and consequently reduced to a meaningless "check-the-box" exercise. As a result, the potential of ERM to drive organisational growth or transformation is not utilised.
As critical business advisors, risk and compliance professionals can contribute to the optimisation and simplification of organizational processes. The opportunities offered for risk and compliance professionals with the introduction of AI are tremendous when all ethical aspects around usage are thoroughly thought about. Supporting organisations in building a deep and integrated foundation of data to power operational and compliant decision making, with the help of analytics and AI, contribute directly to ramping up prevention and strengthening compliance capacity and capabilities through training segmentation programs, predictive analysis, policy management etc.
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Many compliance functions today resemble a pyramid, where the base is dominated by transaction processing, followed by layers of reporting, with limited emphasis on insights and proactive measures at the top. To enhance effectiveness, this pyramid should be inverted —leveraging technology to streamline processes. That would free up resources to prioritise generation of insights and effective actions.?
Below these strategic emphases on efficiency, lays the commitment to keep organizations’ ethical principles and values embedded in all processes, informing actions, promoting change, responding to challenges, and serving as a role model for individuals and institutions. When we are true to our ethical principles, we are reliable and sought-after partners. Ethics are a safe and necessary long-term investment.
#Compliance #RegulatoryChallenges #BusinessAdvisor #FutureOfCompliance#Ethics
Director Compliance & MLRO | Leonteq Securities (Europe) GmbH - Sucursal em Portugal
6 个月Excelent insight!
Really interesting insights, specifically the point around placing emphasis on proactive measures - if done right, in the long term budget constraints wouldn’t be topical as an ethical culture would be boosted and ultimately embedded. Reactive responses are rather expensive and time consuming. Another great point on leveraging technology to streamline processes, especially in the digital era. Thoroughly enjoyed this read.
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6 个月Great insights - thank you Maria Thestrup !
FCPA, Anti-Bribery, Ethics & Compliance Consultant ?? Corporate Keynote & Workshop Speaker ?? Award-Winning E -Learning Training Producer ? Providing A Front-Line Perspective on Ethics, Compliance, Risk, & Integrity
6 个月Thank you for sharing Maria Thestrup - and the title of your article itself is so thoughtful and provocative.