COMPLIANCE RISK MANAGEMENT PLAN (crmP)

Compliance Risk Management Plan (CRMP)

"Your roadmap to managing compliance risks with clarity and confidence.”

A Compliance Risk Management Plan (CRMP) is the cornerstone of effective compliance management. It provides a structured approach to identifying, assessing, and managing compliance risks, ensuring that obligations are not only documented but actively addressed within business operations.

A CRMP sets out what needs to be complied with, what has already been done, and what must still be implemented to achieve full compliance. It also reflects the current level of risk facing the organisation, making it a dynamic tool that guides management in prioritising actions, strengthening controls, and embedding compliance into everyday processes.

By focusing efforts through a CRMP, organisations can safeguard against regulatory breaches, enhance stakeholder confidence, and build a culture of accountability and resilience.

Why CRMPs Matter

CRMPs are the core engine of an effective compliance programme. A Compliance Risk Management Plan (CRMP) goes beyond documentation , it is a living tool that connects laws, regulations, and obligations to your daily business operations.

Key benefits include:

Clarity of Obligations

Map complex laws and regulations into plain-language business requirements.

Risk Viability

Assess inherent and residual risks by likelihood and impact, ensuring alignment with your organisation’s risk appetite.

Operational Integration

Design controls and SOPs that embed compliance into day-to-day workflows.

CRMP Methodology

At BIC Advisory, we follow a structured, internationally recognised methodology that ensures your CRMP aligns with global standards (ISO 37301 Compliance Management Systems, ISO 31000 Risk Management, and COSO frameworks) while addressing local compliance requirements (CBN, SEC, NDPC, NGX, FRCN, and other Nigerian regulators).

Our four-phase methodology includes:

Risk Identification

Map applicable laws, regulations, and industry codes to your business processes. We identify compliance obligations across all relevant regulatory bodies including CBN, SEC, PENCOM, NCC,NAICOM, FRC, e.t.c.

Regulatory Horizon Scanning
Identify Applicable Compliance Obligations
Analyse and Interpret Compliance Obligations
Identify potential significant causes of Non-compliance
Identify the consequence of non-compliance
Capture the results in the CRMP template
Communicate and consult with relevant compliance stakeholders

Risk Assessment

Systematically evaluate and score compliance risks using quantitative and qualitative methods. We assess both inherent risks and residual risks after considering existing controls.

Assess Inherent Risk
Identify Existing Controls to Manage the Risk
Evaluate/Estimate the Adequacy and Effectiveness of Existing Controls
Assess Residual Risk
Prioritise Compliance Obligations

Risk Management

Develop targeted response strategies for identified risks. Choose optimal approaches: mitigate, accept, avoid, or transfer risks based on cost-benefit analysis and strategic objectives.

Select an Appropriate Risk Response
Decide on the need for any control improvements and/or other activities
Obtain approval for and communicate the CRMP to relevant internal compliance stakeholders
Implement planned control improvements

Monitoring

Establish continuous monitoring systems to track compliance status, regulatory changes, and control effectiveness. Regular reviews ensure your CRMP remains current and effective.