PAC-5020

Sheedy, E., Griffin, B., & Barbour, J. (2017). A Framework and Measure for Examining Risk Climate in Financial Institutions. Journal of Business & Psychology, 32(1), 101–116.

This article proposes a multilevel framework for investigating risk climate within organizations, which can help prevent scandal, unexpected losses, and insolvency in financial institutions. The report also validates a new measure for assessing risk climate, which can be helpful for compliance professionals in evaluating risk-related practices and behaviors within their organizations.

Markus, J., & Bollinger, J. H. (2010). Breaking Murphy’s Law. How to reduce the risk of a regulatory failure. Trustee: The Journal for Hospital Governing Boards, 63(4), 14.

This article explores the challenges facing trustees of healthcare organizations trying to comply with complex and changing regulatory standards and offers strategies for reducing the risk of regulatory failure. The article also highlights the fiduciary responsibility of board members to oversee an organization's operations and compliance with legal requirements, which is relevant to compliance professionals in various industries.

Lyon, B. K., Popov, G., & Hollcroft, B. D. (2021). Chapter 1: Risk Assessments: Their Significance. In Risk Assessment: A Practical Guide to Assessing Operational Risks. Wiley.

This article presents explores the idea that risk assessments are becoming increasingly important in safety and health-related standards and guidelines worldwide, including the first international standard for occupational health and safety management systems (ISO 45001) and the American National Standards Institute standards (Z10). By acquiring knowledge and capabilities in conducting risk assessments, you can increase your value to your organization and be perceived as a management team member.

Garrett, B. L., & Mitchell, G. (2020). Testing Compliance. Law & Contemporary Problems, 83(4), 47–84. Persistent link: https://search.ebscohost.com/login.aspx?direct=true&AuthType=sso&db=ofs&AN=148796110&site=eds-live&scope=site&custid=natuniv

This article presents the importance of compliance programs in preventing misconduct and promoting ethical behavior within corporations. However, the information generated by compliance efforts is useful and dangerous. Corporations may avoid testing the effectiveness of their compliance programs due to fears of legal or reputational repercussions, creating a dynamic that can hinder the validation of compliance programs.

Grima, S., Baldacchino, P. J., Abela, J. M., & Spiteri, J. V. (2020). The Implications of Derisking: The Case of Malta, a Small EU State. Journal of Risk and Financial Management, 13(9), 1AD. Persistent link: https://search.ebscohost.com/login.aspx?direct=true&AuthType=sso&db=edsgao&AN=edsgcl.640363521&site=eds-live&scope=site&custid=natuniv

This study provides valuable insights into the derisking phenomenon, identifying its key drivers and implications specific to Malta, and highlighting the need for balanced and proportionate regulations to maximize the effectiveness of derisking while addressing business needs. As a student of compliance, this research project will deepen your understanding of derisking and the importance of increasing awareness and knowledge of AML/CFT in the field.