Placing great importance on compliance helped build a strong risk culture.
The tougher compliance environment has not only multiplied the various regulations that companies must follow but has also made it necessary for most to think about compliance in an entirely different way.
IPIC decided to adapt to this new reality and turn it into a competitive advantage. IPIC also acknowledged the need to implement more structural changes in its compliance processes to make its risk and internal-control frameworks more effective and sustainable over time. Placing great importance on compliance helped build a strong risk culture. The entire point of compliance is to teach our leaders how to create an integrated view of all risks, drive risk ownership, use quantitative metrics and qualitative markers to measure compliance risk, and ensure that the first line of defense is taking action and owning compliance and control issues.
An organized tracking system that needs to be audited yearly provides a level of control measurement.
At IPIC, our belief is that sound judgment first comes from highly organized minds. To form organized thought process, we must have very organized documentation. Compliance at best is being very organized with all our documents, and ensuring attention to detail.