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Riddle Compliance
Riddle Compliance

Compliance Gap Analysis & Risk Assessment

Riddle Compliance facilitates two types of risk reviews to identify potential regulatory concerns. Both gap analyses and risk assessments are useful tools for growing organizations. These two distinct evaluation tools are devices for uncovering business practices with the propensity to incite more stringent review during routine and/or unexpected regulatory examinations. A gap analysis is vital in assessing whether an organization has identified all rules and regulations applicable to its lines of business and underlying operational practices. In contrast, a compliance risk assessment is a comprehensive evaluation of standing business controls facilitated by evaluating policies and procedures, interviewing staffing, conducting surveys, and testing companywide compliance with internal standards. A compliance risk assessment generally includes a breakdown of pertinent risks along with a ranking said risks and an organization’s level of exposure. Riddle Compliance customizes its risk reviews to meet clients’ specific needs and strategic goals.

assessing business operations

All companies have risks associated with their operations and various lines of business. Identifying these risks is a necessary part of an effective compliance program and should be conducted periodically. Riddle Compliance provides organizations with comprehensive gap analyses and risk assessments to ensure companies truly understand how their controls are perceived by regulators. Our gap analysis and risk assessment solutions are designed to help growing companies throughout their compliance journey. As such, both tools aid in evaluating business operations against regulatory frameworks.

measuring regulatory risks

Growing companies often encounter a myriad of risks within different stages of maturation. Various considerations impact an organizations impending risk, but often these factors are related to limited resources, either directly or indirectly. Our clients generally have a number of high risks, moderate risks, and low risks to manage during growth stages. As such, Riddle Compliance assists its clients in discovering creative ways to manage regulatory risks posed by operational limitations. Solutions are tailored to fit clients’ needs without undermining the importance of regulatory compliance considerations.

mitigating risks strategically

Risk assessments should be facilitated periodically to ensure a compliance program’s continuous growth and development. With companies managing various risks at any given time, benchmarking improvements and planning strategic initiatives are paramount. All risks can be managed effectively with prudent advisory and support. Riddle Compliance helps organizations devise plans to mitigate regulatory fines by methodically managing pertinent risks, improving compliance metrics and standards of conduct, and continuously refining processes to support regulatory or in house changes.

comprehensive risk assessments to support compliance program maturity

  • Designed to enhance standing controls, policies, monitoring initiatives and training programs
  • Developed to prioritize the most severe regulatory risks and business practices
  • Devised risk mediation and monitoring initiatives to foster ongoing compliance
  • Measure the effectiveness of internal controls

questions to consider before a gap analysis or risk assessment

  • Does the organization’s internal controls include regulatory requirements?
  • Has management identified any regulatory concerns?
  • Are resources available to managed any identified high risks?
  • Does the company have standing controls, policies and procedures?

understanding the importance of a gap analysis

A compliance gap analysis is a cursory review of internal operations against applicable regulations and other best business practices. When conducting a gap analysis, Riddle Compliance evaluates its client’s business practices to ensure proper controls are maintained to promote adherence with the regulatory landscape. A gap analysis is a cursory review of standards of conduct, policies, and procedures.

using risk assessments to improve compliance program maturity

Riddle Compliance develops durable ethics and compliance programs to withstand regulatory shifts and other influential changes. Our compliance program design and implementation solution is for organizations looking to acquire compliance consulting advisory to assist in developing a framework to manage ongoing compliance initiatives.

a gap analysis is a complement to a risk assessment

Consultants often use a gap analysis interchangeably with a risk assessment. Riddle Compliance’s Gap Analysis and Risk Assessment solutions is a combination of two distinct evaluations. As stated previous, a gap analysis is a tool used to assess an organization’s ability to incorporate applicable regulations into its business practices. In contrast, a risk assessment is a more in-depth evaluation of controls, policies, staff, and other stakeholders in relation to their execution of compliant practices. Riddle Compliance’s Gap Analysis and Risk Assessment is generally offered as a single solution facilitated in two complementary parts.