• Reporting on effectiveness

    Evaluating compliance effectiveness presents an opportunity for continuous improvement based on an improved understanding of the risk. Presenting a report is the main means of communicating the outcome of your evaluation - it is usually prepared by the risk manager, in consultation with other subject matter experts.

    When to report

    The regularity of the reporting cycle can be affected by a range of issues, including the following.

    • The planning cycle - you need to identify when the report will be needed for decision-making purposes. Understanding the planning and reporting cycles will help you to determine when the report is likely to be required.
    • The evaluation cycle - the priority, pattern and severity of the risk may also require an evaluation to be undertaken on a more regular basis.
    • Significant external factors, such as volatility in the market place or the economic environment, may also impact on the timing of an evaluation.
    • Other business-reporting cycles - compliance effectiveness may need to be included in other reporting requirements at the business line and corporate levels.

    You should consult your RMC (or equivalent) to identify the most appropriate time to produce and present your report.

    How to present your report

    You need to prepare a detailed report for reference purposes. You also need to prepare a summary document that presents the key points in a clear and concise form.

    The actual format that you use to present your report may differ according to your business line's reporting requirements and those of the forum to which it is being presented. However, the content will be the same, regardless of the intended audience or the required format.

      Last modified: 13 Jan 2015QC 25789