In today’s world, with unpredictable economic and geopolitical events that have contributed to relentless volatility, it is essential for risk and compliance professionals and their teams to extend their capabilities to help cut through the silos and develop risk-sensing and measurement capabilities. There is a business imperative for organizations to become proactive, data-driven, and risk-intelligent in how they manage risk.

In a recently published article in the May 2023 edition of the Health Care Compliance Association's (HCCA) monthly periodical Compliance Today, Dhara Satija, Healthcare Consulting Leader at Paul Hastings LLP and Destin Harcus, Executive Director of Internal Audit at AdventHealth provide an overview of the Institute of Internal Auditors Inc.’s (IIA) Three Lines Model framework for organizations to align activities using communication, coordination, cooperation, and collaboration.^[1] The authors share insights on how organizations can harness the full potential of the Three Lines Model and how compliance and internal audit can further align and collaborate to increase overall efficiency and evolve the capabilities of both teams.

Takeaways

• Raised expectations – Risk and compliance professionals need to be proactive, data-driven, and risk-intelligent in managing risk.
• One culture – Successful coherence across the three lines is based on regular and effective coordination, collaboration, and communication.
• Enhanced perspectives – Risk-sharing for cross-functional coverage promotes the identification and management of risks from different perspectives.
• Both proactive and defensive – Risk management is no longer just about protecting organizational reputation but also about seizing opportunities.
• Collaboration benefits – Increased coordination between compliance and internal audit is critical in increasing overall efficiency and evolving the capabilities of both teams.

This article was originally published in Compliance Cosmos. © May 2023, Compliance Today, a publication of the Health Care Compliance Association (HCCA).

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