Sample interview questions: How do you ensure that compliance requirements are considered when managing project risks and contingencies related to economic factors?
Sample answer:
Ensuring Compliance in Risk Management
- Integrate Compliance into Risk Assessment: Establish a systematic process to identify, assess, and prioritize compliance-related risks alongside other project risks.
- Establish Clear Standards and Procedures: Develop specific guidelines and operating procedures that outline how compliance requirements will be addressed in risk management activities.
- Train Project Teams on Compliance: Provide regular training and awareness programs to ensure that project teams understand and adhere to applicable compliance regulations.
- Involve Legal and Compliance Specialists: Engage legal and compliance experts early in the risk management process to provide guidance on potential compliance implications of project risks.
- Establish Compliance Monitoring Mechanisms: Implement mechanisms to continuously monitor and track compliance adherence, including regular reviews, audits, and reporting.