Final answer:
Building a corporate compliance program entails identifying potential risks the organization faces. For Towson University, this would involve analyzing legal, financial, operational, and reputational risks to develop effective mitigation strategies.
Step-by-step explanation:
When Donna Wood suggests that building a corporate compliance program begins with "cataloguing the company's exposures," she is referring to the process of identifying all the potential risks that an organization faces. Applying this to Towson University, the process would involve a thorough review of legal, financial, operational, and reputational risks that might impact the university. This could include regulatory compliance, academic standards, student data privacy, and campus safety, among others. By identifying these exposures, the university can develop policies and procedures to manage and mitigate these risks effectively.
In the context of building a corporate compliance program, cataloguing a company's exposures refers to identifying and documenting potential legal and regulatory risks that the company may face. This includes risks related to areas such as finance, operations, environmental impact, data security, and employee conduct.
For Towson University, cataloguing its exposures would involve systematically assessing its compliance obligations in areas such as student safety, equal opportunity, privacy, academic integrity, and financial stewardship. This process would help the university understand the potential areas of risk and develop appropriate policies, procedures, and controls to mitigate those risks.
By cataloguing the university's exposures, Towson University can proactively identify and address potential compliance gaps and develop a comprehensive compliance program that aligns with legal requirements and industry best practices.