An effective ethics and compliance program requires a careful assessment of risks and existing controls.  In order to design and implement an effective program, a chief compliance officer has to identify and prioritize company risks.  In addition, a CCO has to review and understand how existing compliance controls mitigate existing risks.

A risk assessment is the foundation of a compliance program, but has to incorporate a review of existing controls.  A CCO has to address both of these subjects to develop an effective strategy for risk mitigation and overall compliance program operations.

In this episode, Michael Volkov discusses how to conduct a risk and compliance program assessment.