It is often difficult to objectively evaluate how a given function operates within an organization. This is particularly true for the Compliance function, where the lack of uniform standards and clear benchmarks makes it especially challenging to formulate a comprehensive and objective assessment.
Much like the recommendations made for internal audit functions, it is also advisable to conduct regular quality assessments (External Quality Assessment, QA) of the Compliance function.
The purpose of such regular reviews is to ensure that the Compliance function — which oversees the organization as a whole — is:
- In compliance with applicable laws, guidelines, and standards,
- Following best practices, and
- Assessed for any need for further development, including guidance on the direction of that development.
ABT has many years of experience and expertise in operating and evaluating Compliance functions, and we are fully prepared to support your organization in carrying out this type of assessment.
Your personal contact:
Márton Gajdos dr., CIA, CISA
Partner, Risk & Compliance Services
