Navigating Compliance: Regulation, Governance, and Risk

Navigating Compliance: Regulation, Governance, and Risk

Learning Objective

At the end of the lesson, you will understand the concept of compliance, its connections to regulation and governance, and the importance of regulating risks in business.

What do you already know about compliance, regulation, and governance?

Introduction to Compliance

Compliance refers to the adherence to laws, regulations, guidelines, and specifications relevant to an organization's business operations.

Shift of Responsibility

Over recent decades, nation states and regulatory authorities have sought to shift responsibility for various 'social bads' to the private sector, leading to the emergence of compliance as a crucial aspect of business operations.

Foregrounding Compliance Responses

Businesses must now prioritize their compliance responses to ensure adherence to regulations and governance standards.

Understanding 'Risk'

Risk is the potential for an organization to experience adverse effects resulting from internal or external factors. Regulating risks is crucial for maintaining stability and sustainability.

Importance of Regulating Risks

Regulating risks is vital as it helps in preventing potential harm, ensuring business continuity, and maintaining trust with stakeholders.

Impact on Governance

Compliance and risk regulation have a direct impact on governance, shaping the decision-making processes and ethical standards within an organization.

Conclusion and Recap

Businesses today must navigate compliance, regulation, and governance to mitigate risks and uphold ethical standards, ensuring sustainable and responsible operations.

Write down 3 things you learned in this lesson.

Have students enter three things they learned in this lesson. With this they can indicate their own learning efficiency of this lesson.

Write down 2 things you want to know more about.

Here, students enter two things they would like to know more about. This not only increases involvement, but also gives them more ownership.

Ask 1 question about something you haven't quite understood yet.

The students indicate here (in question form) with which part of the material they still have difficulty. For the teacher, this not only provides insight into the extent to which the students understand/master the material, but also a good starting point for the next lesson.