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词条 Draft:Proactive Compliance
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  1. References

  2. External links

Proactive compliance is the application of anticipatory and self-motivated approach towards industry standards and compliance regulations.[1] It combines elements of regulatory compliance and self-regulation.[2] It is a strategic approach to complying with global regulations.[3] Proactive compliance helps in mitigating risks and addressing issues before being required to by regulations.[1][1] It pinpoints and addresses potential compliance problems before it impacts business processes.[3] Compliance today is an important value driver.[4] It can have far-reaching consequences involving reputation to impact on share prices in a matter of hours.[4] It can also result in penalties, financial losses, and damage to reputation.[3] Pro-active compliance programs will give businesses a competitive advantage as investors often are ready to pay a premium on trust.[4] Compliance is no more restricted to the legal department.[4] There has to be an integrated approach towards corporate governance that brings all the financial, audit, operational and legal skill sets together.  

Methods of proactive compliance vary across industries, but the benefits remain at better management of clients, third-party risk management, and regulatory compliance's.

Benefits of proactive compliance include the following;

  1. It primarily comprises of monitoring interactions across all communication channels.&91;1&93;This detects potential fraudulent activities, flags and quickly addresses breaches.&91;1&93;
  2. It helps in the management, and reduction of financial and legal risks.&91;1&93;
  3. Automated risk analysis, management and mitigation decreases potential penalties.&91;1&93;
  4. Improves management visibility into operations.&91;1&93;
  5. Incremental costs from non-compliance and reactive practices can be avoided.&91;1&93;
  6. The time spent on corrective measures can be saved.&91;1&93;
  7. Cost reduction&91;5&93;
  8. Improves time to market&91;5&93;
  9. Sustainable customer value&91;5&93;Measures to build a Proactive Management System
    • Establish a robust compliance culture: An organization must adopt a culture where compliance is part of it across all levels of management and employee responsibilities.&91;20&93;
    • Safeguarding critical information: This is another important aspect of proactive compliance.&91;6&93; Storing critical information in a central document repository on secured servers to avoid data getting hacked or lost is one aspect of proactive compliance.&91;6&93;
    • Creating policies that ensure compliance: This will help in reviewing policies, associated tasks and other related areas in case of regulatory changes.&91;6&93;
    • Training proactive behavior: Frequently train and test employees on proactiveness.&91;6&93;
    • Capture and monitor data. This will help in noticing trends and patterns in advance to help take proactive steps towards potential issues.&91;6&93;Proactive compliance strategy started gaining momentum after incidents involving Enron, WorldCom, etc.&91;4&93; Today it can benefit in the form of risk detection data management, risk network generation, and predictive analysis.&91;7&93;

References

1. ^1 2 3 4 5 6 7 8 {{Cite web|url=https://www.wilmacco.com/blog/what-is-proactive-compliance|title=What Is Proactive Compliance?|website=WILMAC|language=en|access-date=2018-09-21}}
2. ^{{Cite book|url=https://books.google.co.in/books?id=EfTbBAAAQBAJ&pg=PA93&dq=proactive+compliance&hl=en&sa=X&ved=0ahUKEwjPwabO77ndAhWHQo8KHQHrDDgQ6AEIMjAC#v=onepage&q=proactive%20compliance&f=false|title=Responsible Business: Self-Governance and Law in Transnational Economic Transactions|last=Dilling|first=Olaf|last2=Herberg|first2=Martin|last3=Winter|first3=Gerd|date=2008-07-01|publisher=Bloomsbury Publishing|isbn=9781847314406|language=en}}
3. ^1 2 {{Cite web|url=http://www.complyglobal.com/proactive-compliance.html|title=Fight Global Risk With Proactive Regulatory Compliance Management Software{{!}} ComplyGlobal|last=Ltd.|first=ComplyGlobal|website=www.complyglobal.com|language=en|access-date=2018-09-21}}
4. ^1 2 3 {{Cite web|url=http://ccbjournal.com/articles/4690/creating-proactive-compliance-strategy|title=Creating A Proactive Compliance Strategy {{!}} Corporate Counsel Business Journal|website=ccbjournal.com|language=en|access-date=2018-09-21}}
5. ^1 2 {{Cite news|url=https://enablon.com/blog/2017/01/05/3-benefits-of-proactive-product-compliance|title=3 Benefits of Proactive Product Compliance - Enablon|date=2017-01-05|work=Enablon|access-date=2018-09-21|language=en-US}}
6. ^1 2 3 4 5 {{Cite news|url=https://www.convergepoint.com/sharepoint-blog/5-simple-steps-towards-proactive-compliance-management/|title=5 Simple Steps Towards Proactive Compliance Management|date=2014-03-12|work=SharePoint Compliance Management Software|access-date=2018-09-21|language=en-US}}
7. ^{{Cite web|url=http://www.kmworld.com/Articles/Editorial/Features/Best-practices-for-proactive-enterprise-risk-management-Let-the-(big)-data-tell-you-127199.aspx|title=Best practices for proactive enterprise risk management: 'Let the (big) data tell you'|date=2018-09-10|language=en-US|access-date=2018-09-21}}

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