At the most basic level, risk is a function of the likelihood of the risk occurring and the impact to the organization or the consumer should the risk occur. Could you quantify the harm that could occur if your company took no action regarding a compliance obligation?
This course will show you how to approach the Risk Assessment phase of the cycle of compliance by taking an inventory of your compliance obligations then applying numerical values and scores in order to prioritize the associated risks. A sound risk assessment prepares you to create and implement a remediation plan containing effective controls, corrective actions, and monitoring essential to your Compliance Management System (CMS).
You will learn how to:
- Quantify and calculate inherent risk, inherent severity, and residual risk using scoring models;
- Rate, “weigh,” and plot your scores on a Heat Map in order to prioritize risks;
- Document all of your efforts throughout the risk assessment process.
Professional Development Units
You will earn .75 PDUs for this online seminar, which can be applied toward ACA’s Credit and Collection Compliance Officer (CCCO) and Scholar and Fellow designations.
*Please note, credit will be provided ONLY to individuals who have paid to attend this seminar. Anyone sitting in with a paid participant is not eligible to receive credit.
ACA Certified Instructors
This seminar is taught only by ACA Certified Instructors. You can expect top-notch presentations are created by and presented for members. Seminar instructors go through vigorous training to become ACA Certified Instructors and can speak directly to your experiences because they work in our industry.