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Riddle Compliance
Riddle Compliance

MEANINGFUL COMPLIANCE PROGRAM ASSESSMENTS “CPA”

Regulators across industries scrutinize the comprehensiveness of compliance programs when deciding on reprimands, fines, and during routine federal and state audits. Organizations with growing revenue are most vulnerable due to an organic proclivity to ignore cumbersome or nuanced mandates. Facilitating an external compliance program assessment on a routine basis allows a company to identify gaps in operations before regulators. Contracting with Riddle Compliance is a step in fostering program effectiveness and mitigating risks.

 

COMPLIANCE AUDIT DESIGN

Riddle Compliance has expertise on regulatory trends but understands companies’ risk tolerances. Although one entity may have a risk profile mirroring an organization of similar size and complexity, risk tolerances vary. Risk tolerance is more about leadership style and strategic goals. With this understanding, Riddle Compliance devises robust compliance audits to fit a company’s perceived exposure. Our business is to opine on best practices while assisting our clients with mitigating probable risks without frustrating growth and development.

INFORMATION GATHERING AND REVIEW

Our team of consultants employs a structured evaluation process. Policies and procedures, company standards, and other controls are thoroughly reviewed against each organization’s regulatory environment, opinions from senior staff and front-line works, as well as actual day-to-day conduct. We utilize a number of tools to extract the most pertinent information and accurate representation of a company’s compliance disposition. Each step of information gathering and compliance program review is strategic and deeply rooted in mitigating pertinent risks.

COMPLIANCE GAPS AND REMEDIATION

Our team of consultants analyzes all relevant information then produces a comprehensive compliance program assessment report. This report details pertinent compliance patterns, trends in conduct, recommendations on policies and procedures, evaluation of staff commentary, samplings, and various other details. Once we have completed a compliance audit report, we facilitate a workshop with internal staff, executive leadership, and relevant audit committees to explain findings and possible remediation efforts .

ELEMENTS OF AN EFFECTIVE COMPLIANCE PROGRAM

  • Designated Chief Compliance Officer and supporting staff

  • Communicate clear standards and procedures

  • Implementation of risk monitoring and mitigation practices

  • Effective training and compliance communications

  • Confidential reporting and investigative procedures

  • Third-party management and due diligence initiatives

  • Comprehensive auditing and monitoring practices

  • Facilitation of enforcement and corrective actions

QUESTIONS TO CONSIDER BEFORE A COMPLIANCE AUDIT

  • Has my organization identified key regulatory compliance areas?

  • Is the ethics and compliance program comprehensive and rooted in risk mitigation?

  • Do monitoring and auditing initiatives produce substantive findings?

  • Does the compliance program remediate and address trends of noncompliance?

  • Are corporate trainings aligned with regulatory mandates and company values?

  • Are formal investigation protocols in place?

  • Does the compliance program operate across all business functions?

  • Are policies and procedures impactful?