A successful compliance-risk management program which is an essential for sound and vibrant operational system contains certain elements. Point out such elements.

The compliance framework needs to be comprehensive, dynamic, and customizable, allowing the organization to identify and assess the categories of compliance risk to which it may be exposed. A successful compliance-risk management program which is an essential component for sound and vibrant operational system contains the following elements: Active board and senior management oversight: An effective board and senior management oversight is the cornerstone of an effective compliance risk management process. Effective policies and procedures: Compliance risk management policies and procedures should be clearly defined and consistent with the nature and complexity of an institution's activities. Compliance risk analysis and comprehensive controls: Organizations should use appropriate tools in compliance risk analysis like self-assessment, risk maps, process flows, key indicators and audit reports; which enables in establishing an effective system of internal controls. Effective compliance monitoring and reporting: Organizations should ensure that they have adequate management information systems that provide management with timely reports on compliances like training, effective complaint system and certifications. Testing: Independent testing should be conducted to verify that compliance-risk mitigation activities are in place and functioning as intended throughout the organization.