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Compliance Microlives – Part 3

Compliance Microlives – Part 3

Please see the full list of activities with loss and gain of CMLs.

Activity Loss or increase of CML per week or per instance Annual increase or decrease Lifetime increase or decrease
1.     5 minutes of compliance training or engagement or activity once a week. 2 CML per instance $1,248 based on 5 minutes of training per week $49,920   (more than a year’s net income)
2.     Engaging a third party with appropriate due diligence 14 CML per week they are engaged (based on 2 CML per day) $8,736 per third party per year.

Assuming the average engagement is 3 per year, that’s a saving of $26,208 per year.

Taking an assumption of 3 engagements per year over a 40 year period, that’s $1,048,230 (nearly half of the average lifetime salary)
3.     Engaging a third party agent without due diligence – 2 CML per week they are engaged – $8,736 per year.

Assuming the average engagement is 3 per year, that’s a loss of – $26,208 per year.

-$1,048,230 (see 2 above)
4.     Regularly updating due diligence of existing third parties 2 CML per week Taking presumptions of 2 above, that’s $26,208 per year. Taking presumptions in 2 above, that’s $1,048,230
5.     Recording benefits 20 CML per instance Let’s assume that people need to record 5 benefits a year, that’s $600 $24,000 (more than half a year of net salary)
6.     Not recording benefits -200 CML per instance I have greatly increased the loss of CMLs than I added in 5 above, as usually when people don’t record they have something to hide. Based on not recording 5 times a year that comes to a whopping       -$12,000 -$480,000 (around a quarter of lifetime earnings)
7.     Working in foreign territories -2 CML per week Based on people who travel working abroad 18 weeks a year, this amounts to – $432 – $17,280 (this figure can easily be negated through training in 1 above)
8.     Managing a large group of people in different territories -2 CML per week – $1248 – $49,920
9.     Reporting incidents 200 CML per instance $2,400 $96,000
10.  Not reporting incidents -2000 CML per instance -$24,000 (I have increased the loss by 10 fold from the gain on the basis that someone who does not report is more likely to have something to hide – plus not knowing about the risk increases the risk significantly). -$960,000
11.  Sharing confidential files on non-network computers -2 CML per instance Assuming that someone who shares files once, will do it a number of times in a year I have used a multiplier of 240 (i.e. days people work per year) to get             -$5760 -$230,400
12.  Working with Government officials -20 CML per week per official – $12,480 Based on working with a Government Official over 50% of work life: -$249,600
13.  Working in any kind of sales or procurement role -2 CML per week – $1,248 – $49,920
14.  Permanently working in remote jurisdictions away from head office -10 CML per week – $6,240 – $249,600

 

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