This is the fourth article in the series of “Learning from yourself as an expert already”. The first blog addressed Key Risk Indicators (KRI) and the second two addressed the Risk and Control Self Assessment (RCSA) process. This blog addresses Compliance Management and Compliance Risk Management.
The extent of personal compliance management depends heavily on the country in which you reside. Some countries have few rules and nature seems to take care of itself. Other countries have many laws and regulations over personal behavior from strictly enforced speed limits to drinking laws. As an Australian, I am more used to the latter, Australia, and New South Wales in particular, is often now referred to as the “Nanny State”! Regulatory compliance requirements are everywhere!
The starting point for compliance in your personal life is, therefore, to understand the laws and regulations that are applicable to you. These are often written in a way that is not easily understood and we have to interpret into plain English as to what it really means to us. Ignorance of the law, as we know, is no defence.