Many compliance professionals struggle to get leadership to see the value of their work. Executives often view compliance as an obligation rather than an asset.
The Three Lines of Defense (3LOD) Model, introduced by the Institute of Internal Auditors in 2013, offers a structured approach to risk management by dividing responsibilities into three distinct levels. This model helps organizations identify, manage, and mitigate risks by defining clear roles and addressing issues like unmanaged risks and coverage gaps. Its flexible framework can be adapted to different organizational sizes, providing a comprehensive view to manage risks more effectively.
Compliance benchmarking involves evaluating a company's compliance program by comparing it to industry standards, peer organizations, and regulatory expectations. It helps identify strengths and weaknesses by analyzing policies, risk controls, and resource allocation. The goal is to improve the compliance function, ensuring it evolves with emerging risks and regulatory changes.