Breaking the Black Box
Jul. 12, 2023
10:00 A.M. - 11:00 A.M.
Organizer: Clausematch
Role: Speaker
Description:
How organizations can avoid major compliance pitfalls and increase transparency in the workplace:
According to Wikipedia, “in science, computing, and engineering, a black box is a system which can be viewed in terms of its inputs and outputs, without any knowledge of its internal workings. Its implementation is "opaque" (black). The opposite of a black box is a system where the inner components or logic are available for inspection, which is most commonly referred to as a white box.
If we bring the concept to the context of risk and compliance management, it is an excellent metaphor for inefficient, sometimes poorly executed, programs that are not well documented, difficult to measure and lack traceability, reactive - rather than proactive, and reliant solely on people’s skills over systems and processes. Unfortunately, this is still the reality for many organizations. So how can compliance leaders ensure that their company is not falling into this pitfall?
The panel discussion covered:
Are you managing compliance as a black box? How to self diagnose and what steps to take next
Reviewing compliance processes: Identifying the weak links and what to do to fix them
Evidencing compliance: What are the regulators’ expectations across different jurisdictions
Document management: How companies can manage their policies, procedures and other compliance documents to strengthen governance and ensure transparency
The role of technology: How it can help you develop a “white box” compliance program
Other Speakers:
Freddie Frith, VP - Head of Sales, Clausematch
Lorraine Mouat, Head of Payment Services, Thistle Initiatives
Shelley Schachter-Cahm, Chief Compliance Officer, CEX.IO
Jamie Day, Head of Operational Risk, Arbuthnot Latham
Moderator:
Carol Lemos, Marketing Director, Clausematch