The pace of business is changing. Competition is growing. Regulatory change, globalization, shrinking markets, social media, technological advances, business data, government and public expectations and demands, all contribute to your regulatory risk and take you away from doing what you love: building. Your business suffers when aspects of risk are left to chance. Being proactive in your risk management strategy can be a value added and differentiate you and your business from the rest of the pack. Integrated and sustainable compliance risk management can improve your bottom line.
What Keeps You Up At Night?
Given the recent fraud prosecutions of corporations (and their officers and employees) for compliance-related scandals, massive civil and criminal penalties, growing public awareness and outcry for corporate accountability and increased incentives for whistleblowers, any contractor participating in the performance of government contracts and public works funded by taxpayer dollars would be wise to take a hard, critical look at its compliance program.
It is far better to discover problems sooner, rather than later. What you don’t know can hurt you and impact your reputation, financial stability and future contracting status.
What Can You Do About It?
You can:
- Ensure the proper checks and balances and systems are in place to manage the legal, financial, operational and reputational risks.
- Give the right tools to your project team so they understand and manage the project risk.
- Engage in cost effective solutions that are customized for the way you work.
- An effective, properly executed compliance program, preventative monitoring and “red flag” spotting can provide a measure of insurance against the parade of horribles.
