Governance, Risk Management, and Compliance: An Operational Approach

The Compliance Consortium has found that it is critically important for boards of directors and for senior management to become actively involved in setting governance, risk management, and compliance objectives. Since the range of governance, risk management, and compliance concerns is very broad, boards and management need a way to organize and prioritize objectives. This paper provides an operational approach to setting objectives and to creating and monitoring the programs to attain them. It also includes a list of key questions that board members and management can use as a way to begin assessment of an organization’s governance, risk management, and compliance programs.