10 Business Risk Reduction Principles

2014-snell-roy-speaking-headshot-200By Roy Snell

Avoiding Risk of Any Kind Whatsoever May Require Some Tough Choices.

So…you are looking to reduce risk in your organization or you are starting a business and would like to find a fail-safe way to keep risk at bay. Well, perhaps you should consider these 10 Risk Reduction Principles to help you reduce your exposure significantly.

Activity Risk Avoided
Don’t pay anyone any money Anti-Bribery Law
Don’t accept money from anyone Anti-Money Laundering Law
Never invoice the government False Claims Act
Don’t store data Data Privacy Law
Never hire employees Employment Law
Do not invest money Insider Trading Law
Eliminate all expenses and revenue Tax law
Immediately give all revenue to charity Embezzlement
Have no interests Conflict of Interest
Forbid the use of computers Cybercrime

In case you haven’t noticed, I’m being a little tongue and cheek. The reality is that there is inherent risk in the business world. Our job as compliance officers is to minimize that risk to the best of our ability – by engaging in risk assessment, seeking out tools and resources that enable us to do our jobs more effectively.  Throwing up your hands because it’s often difficult isn’t a solution.  Complaining about the regulations is not a solution.  Deny and defend is not a solution.  Hoping it will all work out if you just tell people to be ethical is not a solution.   Implementing a compliance program is a solution.  Without the rule of law and enforcement of the rule of law, we would be like the many other countries that have failed.  The rule of law is messy but without it and compliance programs we would fail.

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Reprinted with the permission of the Journal of Health Care Compliance.