Third-Party Risk Management
Third-Party Risk Management is the proficiency to assess, monitor and control the potential risks associated with external entities. This involves scrutinising the practices of vendors and partners to ensure alignment with compliance standards. Properly executed, it guards against reputational damage, financial loss, and regulatory penalties.
Level 1: Emerging
At a foundational level you are aware that working with third parties can pose risks to your organization. You follow set procedures when engaging with vendors and partners, reporting any unusual findings to your manager. Your attention to these steps helps your team maintain basic compliance and avoids simple mistakes.
Level 2: Proficient
At a developing level you are learning to identify and flag basic risks that third parties may pose to your organization. You follow established checklists and escalate concerns to more experienced colleagues for guidance. Your work helps ensure that vendors and partners meet minimum compliance requirements, reducing obvious exposure to risk.
Level 3: Advanced
At a proficient level you are able to independently assess and monitor third-party risks to ensure they meet your organization’s compliance standards. You identify and respond to potential issues in vendor and partner practices, escalating concerns where needed. This protects your organization from regulatory breaches, financial loss, and reputational harm.
Risk Reporting
Risk Reporting is the ability to systematically organize and communicate risk-related information clearly and succinctly. This capability includes the knowledge of compliance and risk factors, the skills to interpret and summarise data, and the ability to communicate this effectively to diverse audiences. Effective Risk Reporting leads to informed decision-making and fosters a risk-aware culture, shielding the organization from potential pitfalls.
Level 1: Emerging
At a foundational level you are able to collect basic risk and compliance information and present it clearly using templates or standard formats. You follow set processes to help ensure accurate communication of key details to your team or supervisor. Your reports support everyday awareness of risks, helping others respond quickly to issues.
Level 2: Proficient
At a developing level you are able to gather and organize basic risk and compliance information, and can summarise essential findings in a clear and logical way. You use established templates or guidance to communicate reports to your team. Your efforts help others understand core risks and support more informed discussions about potential issues.
Level 3: Advanced
At a proficient level you are able to organize and present risk and compliance information in a clear, accurate way that matches the needs of your audience. You draw meaningful insights from data and highlight key issues so decision-makers can act with confidence. Your reporting helps build a culture where people are aware of and responsive to risk.
Risk Mitigation
Risk Mitigation is a crucial capability in managing potential threats in Risk & Compliance. It involves the proficient identification and implementation of strategies designed to reduce or eliminate risks. The pivotal role Risk Mitigation plays in averting significant incidents directly contributes to operational stability and regulatory compliance.
Level 1: Emerging
At a foundational level you are able to recognize common risks in your work and follow established procedures to help reduce them. You know when to raise concerns or seek guidance from the right people. Your actions support a safer, more compliant workplace by helping prevent problems before they escalate.
Level 2: Proficient
At a developing level you are beginning to recognize common risks in your area of work and take basic steps to address them with guidance. You follow set procedures to help reduce risks, seeking advice when unsure. This supports your team in maintaining compliance and prevents minor issues from escalating.
Level 3: Advanced
At a proficient level you are able to identify key risks within your area and implement effective strategies to reduce their impact or likelihood. You consistently monitor and adjust your actions to ensure compliance and operational stability. Your practical approach helps your team avoid incidents and maintain strong standards in risk and compliance.
Governance Processes
Governance Processes' is the inherent ability to understand and execute regulatory obligations and internal control systems. This capability is fundamental in Risk & Compliance, invigorating management decision making and minimizing operational uncertainties. The impact of successful governance processes bolsters organizational integrity, inspires confidence among stakeholders and ensures legal and ethical compliance.
Level 1: Emerging
At a foundational level you are aware of key governance processes and follow established risk and compliance procedures as directed. You understand the importance of meeting regulatory standards and applying internal controls in your daily work. By doing so, you help maintain organizational trust and support a culture of accountability.
Level 2: Proficient
At a developing level you are beginning to follow established governance processes in your daily work and recognize their importance in meeting regulatory and internal control requirements. You seek guidance to understand key compliance steps and contribute to routine risk and compliance tasks under supervision. Your attention to these processes helps support consistency and accountability within your team.
Level 3: Advanced
At a proficient level you are able to interpret and apply governance frameworks to meet both regulatory and internal requirements in your daily work. You consistently follow established procedures, identifying any gaps or potential risks, and escalate issues as needed. Your actions help your team maintain compliance, reduce uncertainty, and support trust among colleagues and stakeholders.
Risk Identification
Risk Identification is the systematic process of detecting potential threats that could negatively impact organizational operations. It involves understanding risk landscapes, recognizing potential deviation from compliance standards, and utilising this knowledge to anticipate and mitigate risks. Through continuous scanning and documenting uncertainties, this capability contributes to effective risk management and compliance adherence.
Level 1: Emerging
At a foundational level you are able to recognize basic risks in your immediate work and raise them with your manager or team. You follow set processes to report concerns or incidents, ensuring potential compliance issues are not overlooked. By doing this, you help keep the organization aware of obvious risks in daily activities.
Level 2: Proficient
At a developing level you are able to spot clear risks in your area of work and flag them to the right people. You follow established processes to help identify issues and keep basic records up to date. By doing this, you help your team stay aware of possible compliance breaches and support a safer work environment.
Level 3: Advanced
At a proficient level you are able to identify a wide range of risks by actively monitoring operations and compliance requirements. You assess possible threats in detail, documenting uncertainties and recommending actions to reduce them. Your work helps your team respond early to risks and keeps the organization aligned with compliance standards.
Risk Assessment
Risk Assessment is the ability to identify, evaluate, and prioritize potential risks in a compliance context. It requires a keen understanding of business operations, regulations, and potential threats. Effective risk assessment aids in the prevention of regulatory breaches, minimizes losses, and protects organizational reputation.
Level 1: Emerging
At a foundational level you are able to recognize basic risks in everyday work and understand why it is important to follow risk and compliance procedures. You rely on guidance and established checklists to help spot potential issues. Your actions help reduce simple mistakes and contribute to a safer, more compliant workplace.
Level 2: Proficient
At a developing level you are beginning to identify and describe basic risks in your area, using established tools and guidance. You seek support to understand the compliance context and analyze potential impacts. Your growing awareness helps your team start to address straightforward risks more proactively.
Level 3: Advanced
At a proficient level you are able to independently carry out risk assessments by identifying, analyzing, and prioritizing compliance risks across different business areas. You use your understanding of regulations and business processes to recommend practical steps to mitigate these risks. Your work directly helps prevent compliance breaches and supports a strong organizational reputation.
Regulatory Interpretation
Regulatory Interpretation is the ability to understand, analyze and apply pertinent laws and regulations within the Risk & Compliance context. It involves an adeptness in deciphering complex legal provisions, policies and guidelines. Its impact ensures an organization's adherence to compliance frameworks, reducing potential legal and financial risks.
Level 1: Emerging
At a foundational level you are able to recognize basic regulatory terms and understand how key laws relate to your role in risk and compliance. You follow clear instructions when applying simple regulatory requirements to routine tasks. This helps keep your team aligned with compliance standards and avoids unnecessary risks to the organization.
Level 2: Proficient
At a developing level you are beginning to identify and interpret key regulations relevant to your work in Risk & Compliance. You seek guidance to clarify complex requirements, applying what you learn to support compliance in routine tasks. This helps your team avoid basic compliance breaches and builds your understanding of regulatory frameworks.
Level 3: Advanced
At a proficient level you are able to interpret and apply relevant laws and regulations to support your team in making informed compliance decisions. You recognize when guidance is needed on complex or ambiguous requirements and know how to escalate these issues appropriately. Your ability helps the organization reduce compliance risks and maintain trust with regulators.
Policy Compliance
Policy Compliance is the ability to understand, adhere to, and enforce company-wide policies related to risk and compliance. This involves continuous learning and keeping pace with changing legislations or standards. Successful policy compliance minimizes risk exposure, promotes a compliant culture, and safeguards the organization's credibility.
Level 1: Emerging
At a foundational level you are aware of your organization’s risk and compliance policies and follow them in your daily work. You seek clarification when unsure and report any breaches or concerns to the appropriate person. By doing so, you help protect the organization and support a culture of compliance from the ground up.
Level 2: Proficient
At a developing level you are learning to interpret and apply relevant risk and compliance policies in your daily tasks, seeking guidance when faced with uncertainty. You take responsibility for identifying and reporting potential breaches or risks within your work area. By doing so, you help maintain a compliant environment and support organizational integrity.
Level 3: Advanced
At a proficient level you are able to consistently follow and confidently apply company risk and compliance policies in your daily work. You keep up with policy changes and help colleagues understand and adopt new requirements. Your actions support a strong compliance culture and reduce risk for the organization.
Internal Audit Support
Internal Audit Support is essential for assessing an organization's compliance with regulations and identifying potential areas of risk. This capability involves the provision of operational assistance during audits, exercising skills in data analysis and regulatory understanding. Its impact reduces risk, maintains compliance, and strengthens business integrity.
Level 1: Emerging
At a foundational level you are able to follow guidance to support internal audits by gathering documents, checking basic data, and keeping records organized. You understand why compliance is important and recognize when something does not look right. Your attention to detail helps your team spot risks early and meet regulatory requirements.
Level 2: Proficient
At a developing level you are starting to assist with internal audit activities by gathering relevant information and following established audit procedures under guidance. You are learning to recognize basic compliance requirements and can help identify obvious risks. Your careful support helps to ensure audits run smoothly and builds your understanding of risk and compliance.
Level 3: Advanced
At a proficient level you are able to support internal audits by gathering and analyzing relevant data, and clearly presenting findings on compliance and risk. You work confidently within audit processes, applying your understanding of regulations to ensure accurate assessments. Your efforts help the organization address risks early and strengthen compliance standards.
Incident Management
Incident Management is the capability to identify, evaluate, and respond to occurrences that may challenge the execution of Risk & Compliance initiatives. This involves establishing a framework for swift decision-making, clear communication and appropriate reaction to adverse events. Mastery of Incident Management minimizes damage, safeguards compliance, and bolsters organizational resilience.
Level 1: Emerging
At a foundational level you are aware of how to recognize and report incidents that may affect Risk & Compliance activities. You follow set procedures under supervision, ensuring issues are raised promptly and clearly. Your actions help your team respond quickly, reducing the impact of incidents on compliance and daily work.
Level 2: Proficient
At a developing level you are learning to recognize and report incidents that could affect Risk & Compliance activities. You follow established procedures, seek guidance when needed, and assist in communicating essential information. Your growing skills contribute to more timely responses, reducing the impact of incidents on compliance and business operations.
Level 3: Advanced
At a proficient level you are able to recognize and assess incidents related to risk and compliance, taking decisive action within established guidelines. You coordinate responses across teams, ensuring timely communication and follow-up. Your approach reduces the impact of incidents and supports continuous improvement in compliance practices.
Ethical Compliance
Ethical Compliance is the demonstration of behaviors that adhere to legal, moral and professional obligations. This includes the ability to understand and apply regulations, industry standards and organizational policies. Effective ethical compliance reduces risk and fosters trust, thus enhancing organizational reputation and resilience.
Level 1: Emerging
At a foundational level you are aware of your responsibility to follow laws, regulations, and workplace policies in your daily tasks. You recognize when to ask for guidance if you are unsure about what is required. By acting with care, you help to reduce risk and support a culture of trust and compliance within your organization.
Level 2: Proficient
At a developing level you are learning to identify and follow relevant laws, standards, and organizational policies in your daily work. You are beginning to recognize the importance of ethical choices and seek guidance when facing unclear situations. Your actions support team compliance and help build a foundation of trust within your immediate work area.
Level 3: Advanced
At a proficient level you are consistently applying ethical, legal and organizational standards in your daily work, including when balancing complex or competing priorities. You recognize potential compliance risks early and take practical steps to address them, supporting a culture of trust and responsibility. Your actions help safeguard the organization’s reputation and maintain stakeholder confidence.
Crisis Management
Crisis Management is the ability to effectively handle an unexpected event affecting a company's operations. It encompasses identifying potential threats, preparing contingency plans, and executing swift responses to mitigate damage. This capability is crucial in maintaining integrity, minimizing potential losses, and safeguarding business continuity in the face of Risk & Compliance challenges.
Level 1: Emerging
At a foundational level you are aware of the importance of crisis management in protecting your organization’s operations from unexpected risks. You can recognize when a situation may present a compliance or operational risk, and follow basic instructions to support response efforts. Your actions help maintain stability while you learn from more experienced colleagues.
Level 2: Proficient
At a developing level you are beginning to recognize early signs of emerging risks and follow established crisis response procedures under guidance. You help gather information and assist in implementing contingency plans as directed by senior team members. Your actions support effective response and help uphold compliance and business continuity during disruptions.
Level 3: Advanced
At a proficient level you are able to recognize and respond quickly to emerging crises that could impact business operations or compliance. You develop clear contingency plans, coordinate actions with relevant teams, and communicate effectively to limit disruption. Your approach helps protect the organization from major risk, ensuring stability and ongoing trust.
Controls Development
Controls Development is a core capability in Risk & Compliance that entails crafting appropriate strategies to manage potential risks. It requires the aptitude to assess risk exposure, formulate mitigating measures, and execute action plans. This capability significantly reduces financial, operational, or reputational harm, bolstering the organization's resilience and robustness.
Level 1: Emerging
At a foundational level you are learning to recognize common risks in your daily work and follow established procedures designed to manage them. You rely on existing controls and guidance to help protect the organization, while building your understanding of why these steps matter. Your actions help reduce simple mistakes that could impact the company.
Level 2: Proficient
At a developing level you are able to identify basic risks within your area and suggest practical ways to reduce them, following established guidelines. You begin to support the implementation of controls under supervision, learning how they fit into wider compliance requirements. Your actions help limit straightforward risks and contribute to a safer organization.
Level 3: Advanced
At a proficient level you are able to design and implement effective controls to address identified risks within your area of responsibility. You ensure these controls are practical, relevant and align with compliance requirements, tailoring solutions to the specific needs of the organization. Your approach helps safeguard the organization from financial, operational, and reputational harm.
Control Testing
Control Testing is the careful examination of processes and procedures to mitigate any potential risk or compliance failures. This involves critically assessing whether existing controls are functioning as intended, and identifying any areas of weakness. The outcome directly contributes to reducing potential operational, reputational, and financial risks.
Level 1: Emerging
At a foundational level you are learning to understand what control testing means and why it matters in managing risk and compliance. You support basic checks by following clear instructions, helping to spot obvious issues in processes or documentation. Your careful work helps your team identify problems before they turn into bigger risks.
Level 2: Proficient
At a developing level you are beginning to test controls under guidance, following set procedures to check if key risk and compliance measures are working as intended. You ask questions and notice when something is not right, raising concerns to your supervisor. Your attention helps the team spot early issues and improve how risks are managed.
Level 3: Advanced
At a proficient level you are able to independently plan and carry out control testing activities across a range of risk and compliance areas. You accurately assess whether controls are working as designed and clearly document your findings to support continuous improvement. Your efforts help identify issues early and reduce the likelihood of compliance breaches or operational losses.
Compliance Reporting
Compliance Reporting is the capability of identifying, tracking and communicating compliance requirements. It involves interpreting regulatory obligations, assessing company activities for compliance risks, and informing decision-makers. This capability contributes to effective risk management, fostering a compliant culture, and maintaining organizational credibility.
Level 1: Emerging
At a foundational level you are learning to recognize basic compliance requirements and can help gather simple data for reporting purposes. You follow established processes under guidance, ensuring essential information is recorded and shared accurately. Your actions support your team in meeting regulatory expectations and building trust in compliance practices.
Level 2: Proficient
At a developing level you are able to gather and organize information about compliance requirements, with guidance. You assist in basic compliance reporting tasks, such as preparing draft reports and identifying straightforward risks. Your work helps strengthen your team’s ability to meet regulatory expectations and maintain accountability.
Level 3: Advanced
At a proficient level you are able to independently gather, analyze, and clearly report compliance information, ensuring it meets internal and external requirements. You interpret regulations confidently and identify compliance risks in business activities, providing timely advice to stakeholders. Your work supports sound decision-making and reinforces the organization’s reputation for integrity.
Compliance Monitoring
Compliance Monitoring is the continuous assurance and oversight of risk management and adherence to regulatory protocols. This process involves understanding legal requirements, identifying potential risk areas, and implementing control measures. Achieved through systematic checking, it impacts operations by safeguarding against non-compliance penalties and enabling proactive responses.
Level 1: Emerging
At a foundational level you are aware of basic compliance monitoring concepts and follow set procedures to support risk and compliance activities. You recognize the importance of checking for regulatory requirements and help report any issues to your team. Your attention helps your organization reduce risk and build a culture of compliance.
Level 2: Proficient
At a developing level you are learning to recognize key compliance requirements and take part in routine monitoring activities. You follow established procedures to help spot potential areas of non-compliance, raising concerns when you identify them. Your actions support your team in reducing risks and upholding organizational standards.
Level 3: Advanced
At a proficient level you are able to routinely monitor compliance by applying your solid understanding of legal and regulatory requirements to day-to-day activities. You recognize potential risk areas and take steps to address them before they escalate. Your actions help your team avoid compliance breaches and support a transparent, well-managed workplace.
Business Continuity Planning
Business Continuity Planning is the strategic ability to ensure operational resilience during unexpected disruptions. It involves devising preventive strategies and effective recovery systems to mitigate risks to business operations. This capability is critical in maintaining regulatory compliance and safeguarding the organization's reputation.
Level 1: Emerging
At a foundational level you are aware of your role in supporting the organization’s business continuity plans and follow established procedures during disruptions. You recognize the importance of reporting risks and complying with relevant guidance or policies. Your actions help maintain continuity, meet regulatory requirements, and protect the organization’s reputation.
Level 2: Proficient
At a developing level you are learning to contribute to business continuity planning by supporting risk assessments and helping draft simple response procedures. You follow established guidelines and work alongside others to understand how plans protect critical operations. Your growing skills help the team prepare for disruptions and maintain compliance with relevant regulations.
Level 3: Advanced
At a proficient level you are able to develop and test business continuity plans that address a range of potential disruptions, ensuring your team is ready to respond effectively. You assess risks, coordinate with relevant stakeholders, and keep plans up to date with compliance requirements. Your work helps the organization recover quickly and protect its reputation.
Assurance Activities
Assurance Activities is the active capability of determining, verifying, and reporting on the accuracy of Risk & Compliance procedures. This involves systematic identification and analysis of inconsistencies or deficiencies. The impact is significant: it ensures proactive mitigation and promotes company-wide adherence to policies, reducing likelihood of breaches.
Level 1: Emerging
At a foundational level you are able to follow set procedures to help check for accuracy and spot clear gaps in Risk & Compliance tasks. You rely on guidance from others and use provided tools to complete routine assurance checks. Your work supports early detection of issues and helps encourage consistent reporting in your team.
Level 2: Proficient
At a developing level you are beginning to apply basic methods to review and report on Risk & Compliance procedures under guidance. You can identify clear gaps or simple inconsistencies and raise them with your team. Your attention helps improve reliability and encourages better policy compliance across your area.
Level 3: Advanced
At a proficient level you are able to independently carry out assurance activities, thoroughly checking risk and compliance processes for accuracy and consistency. You spot gaps or weaknesses, take steps to address them, and clearly report your findings. Your approach ensures risks are managed early and that the business is following its required standards.
