Approach for Compliance Assessment
At MSA, our Compliance Assessment methodology is designed to help organizations identify, evaluate, and address compliance risks with precision and clarity. The assessment is conducted in three structured stages:
Understanding
We begin by collecting critical business and operational insights to lay a strong foundation for our assessment:
- Circulate structured questionnaires to gather information on business activities, entity structure, and geographic presence.
- Identify applicable legislations and compliances relevant to your business.
- Share a checklist of required documents and information for review.
- You will provide the necessary documents in soft or hard copy within agreed timelines.
- Share any existing compliance policies, SOPs, or checklists currently in use.
Assessment
Using the information received, we conduct a detailed analysis and field review:
- Review documents to check for accuracy, completeness, and correctness.
- Assess the documentation and records to understand the current compliance status.
- Engage with process owners to evaluate the existing SOPs and compliance execution mechanisms.
- Evaluate the comprehensiveness of policies, processes, and compliance framework adopted by your organization.
- Conduct field visits to verify the on-ground implementation and physical compliance readiness.
- Identify gaps, risks, and improvement areas, and discuss these with process owners to determine root causes.
- Assist in preparing mitigation or remediation plans in collaboration with your team.
Key Deliverables
- A List of Applicable Laws specific to your operations, jurisdictions, and industry.
- Detailed Compliance Checklists, categorized by department or function, with clearly defined compliance items and risk ratings.
- Awareness Sessions to train and align process owners with the newly developed compliance content and ensure smooth implementation.