First, it is necessary to clarify a basic concept, after all, what is a risk?
Risk is related to the uncertainty of the fulfillment of some objective / goal or the probability of loss of something material or intangible as previously planned. Robust risk management is a fundamental condition to ensure that the organization knows its vulnerable points and can monitor them. When we talk about compliance, we know that risks can vary according to companies, their markets, types of services and / or products and solutions.
Thus, an efficient risk management must start with the creation of management policies, training of employees and an accurate analysis of the business, its internal processes and the external relationship of the organization.
A risk assessment must take into account the characteristics of the markets where the company operates (local culture, level of state regulation, history of corruption). This assessment should mainly take into account the likelihood of fraud and corruption, including those linked to tenders and contracts, and the impact of these harmful acts on the company's operations.
With such an analysis carried out, one can have an “extract” of the organization's risk status, through risk matrices and, as a consequence, management reports that will have the mitigating measures necessary to keep the organization protected and less susceptible to possible deviations in conduct employees, third parties, business partners and in their processes.
Such risk management must be continuously monitored, reviewed and updated, especially in cases where the organization has new variables such as, for example, new processes, departments, merger / acquisition actions, opening of new business units, among others.