Introduction to Compliance Risk Management CRM

In this lecture students will learn how important it is for companies to create a strong compliance culture to avoid penalties and financial losses.

How can it be tested that whether a company is maintaining a strong compliance culture is discussed in this lecture. These are the ways which regulators and auditors use to assess the compliance culture in a company.

In this lecture, you will learn about some common compliance risks that are faced by all banks including conventional and digital banks. These compliance risk categories are considered crucial because non-compliances in these areas usually lead to the imposition of heavy Fines or Penalties by the regulatory authorities. It is observed in the past that Millions of Dollars in fines are imposed due to non-compliances. Other than fines these compliance risk incidents lead to financial and reputational losses to the banks. Let's start

Three lines of Defense model is an effective structure created within any organization, which ensures that internal controls and frameworks established to meet regulatory requirements are robust and operating effectively. Three lines of defense are three layers of controls which overall form a strong framework, to manage the Compliance Risks in the organization. 

The purpose of Three Lines of Defense Model is to ensure effective Compliance Risk Management (CRM) practices are maintained. 

First Line of Defense performs Business Activities and Second Line of Defense ensures Compliance of applicable regulations and standards including internal policies and procedures.

The Third line of Defense is the overall monitoring layer in TLOD model, to ensure the operating effectiveness of Compliance Controls 

Compliance Function works as a backbone of every institution or organization. Without this function, the institutions and organizations may not ensure strong compliance culture and compliance with applicable regulatory requirements. This means to avoid penalties and reputational losses, the organizations establish a full-fledged Compliance Function or Compliance Department.

Compliance Function or Compliance Department works as an independent department which means the team or staff of compliance is not supposed to perform day to day business activities, instead, Compliance department monitors the activities and transactions, performed by business and other departments to ensure that regulatory breaches are not made by the business and other departments.

Chief Compliance Officer (CCO) is a senior management position responsible to manage the overall compliance department in an Institution. CCO also supervises the Money Laundering Reporting Officer in Banks. especially large banks and financial institutions.

In this lecture, you will learn about the Compliance officer of the organization. The compliance officer is appointed by nearly every regulated entity such as Money Service Businesses, Banks, Insurance Companies, E-Commerce businesses, etc. Without Compliance Officer, the organization may not be able to ensure compliance with applicable regulatory requirements,

So this lecture will provide you with knowledge about the Compliance Officer and what he or she does in the organozation.

In this lecture, you will learn some important Laws/Regulations applicable to Pharmaceutical Company. You will also learn some important 'Compliance Risks' faced by 'Pharma Companies.

You will also learn about the 'Compliance Controls', Pharma Companies may implement to mitigate their Compliance Risks.

This lecture will provide you overview of how a 'Compliance Officer' working in a Pharma Company usually identifies 'Compliance Risks' and 'Suggests Compliance Controls' to the Chief Compliance Officer.

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In this lecture, you will learn some important Laws/Regulations applicable to 'Technology Companies' working in the United States and Europe. You will also learn some important Compliance Risks faced by 'Tech Companies', related to such Laws/Regulations. We will also learn about the Controls, Tech Companies may implement to mitigate such Compliance Risks.

This lecture will provide you an overview of how a 'Compliance Officer' identifies the industry-specific Compliance Risks and Suggests Controls.

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