Building a Right-Sized Compliance Programme for SMBs

This guide outlines the process of establishing a right-sized compliance and risk programme specifically designed for small and medium-sized businesses (SMBs). It begins by addressing the importance of compliance, dispelling the myth that smaller organizations do not require such frameworks. The document details what a right-sized compliance framework entails, including risk identification, obligations, policies, procedures, and reporting mechanisms. A step-by-step approach is provided for building compliance foundations, starting with the creation of a compliance or risk policy, followed by practical workshops to identify risks and obligations. The guide also includes a case study of a tech business that successfully implemented a tailored compliance programme, emphasizing the importance of defining risk appetite and developing controls. Finally, it presents a compliance action plan that includes drafting policies, conducting workshops, setting up registers, and establishing regular review processes to maintain compliance and transparency.