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In December 2020, Nimonik conducted a survey of 79 risk and compliance professionals about their management of internal obligations at their respective organizations. The results demonstrated that the management of Internal Obligations still has a long way to go even at some of the world’s most well run and established firms. For the purpose of […]
Four researches from Tilburg University recently published a short paper entitled, Towards a Comprehensive Design-time Management: A Roadmap. This paper outlines a number of key concepts all compliance specialists should consider. The paper explains how “In general organizations achieve compliance on a per-case basis typically as ad-hoc solutions. These solutions are generally handcrafted for a […]
Environmental, Sustainability and Governance (ESG) is a hot topic this year as more and more financial institutions require ESG reports from publicly traded companies. Most recently, president-elect Biden has selected a number of climate experts for his transition team. John Kerry has been appointed to lead Climate Change for Biden and Larry Fink, a big […]
In our previous blog posts (Three Essential Measures to Overcome Compliance Risk, Obstacles to Comprehensive Compliance, Are you covered against surprises?) we explored a strategy of improved comprehensiveness to achieve better compliance and more specifically better coverage. While improved coverage is an important outcome it is not the only one or the most critical. Comprehensive […]
In our post on the Obstacles to Compliance we looked at three obstacles that hinder organizations from being more comprehensive with their compliance. These obstacles contribute to the uncertainty of obligations, compliance status, and the effectiveness of compliance actions. If left unchecked this uncertainty may expose your organization to unnecessary and preventable compliance risk. In […]
Managing compliance is hard. When your high risk industry gets overlapping standards, it becomes even more complex to stay in continuous compliance. Introduction Jean-Marc Léger from ERM recently pointed out, “Over the last twelve months, no less than three new benchmarks have been proposed to the international mining industry.” In September 2019, the World Gold […]
Last week we introduced the concept and importance of comprehensive compliance. This strategy of determining all of your obligations can be an effective measure against compliance risk by ensuring that companies are adequately covered and protected against potential issues. Companies that take a comprehensive approach to compliance tend to be more resilient. The benefits of […]
Internal Obligations are obligations that your organization has imposed on itself voluntarily or through an agreement with a third party. In contrast to External Obligations which are imposed by a third party (i.e. Government), Internal Obligations are generated through the activities you engage in. Examples include corporate policies, environmental permits, contracts, stakeholder engagements and other […]
