Download free Global Compliance and Claims Risk Register for compliance and legal teams
The multi-level marketing rules and regulations are different for different countries. Most nations have lenient policies, although some nations have strict rules, some of the goods would not be allowed in the country. If you are an MLM company, expanding business to other countries, it would be tedious as you have to abide by varying compliance regulations. To cope with these regulations and risks, the compliance, legal, and country teams can now track risks, compatibility scores, and approvals by using our Global Compliance and Claims Risk Register.
Most importantly, this file is highly audit-ready, which makes it easy for the company to organize and present necessary documents if a regulatory authority or audit comes up. It checks whether it adheres to the KYC rules and AML checks. False claims and promises can put a brand in danger for which the template will help you ensure the company is operating free of compliance risk. It checks whether the company’s products and services are eligible to be sold in specific countries and ensures whether the return or cooling-off periods are followed, as prescribed by the governing authorities. It works well with Excel and Google Sheets.
Track updates in regulations, product claims, and potential compliance risks across the globe using this free Excel template.
*No email required.
What’s inside the free Global Compliance and Claims Risk Register
| Tab | Purpose |
|---|---|
| README | The initial tab gives a short introduction on the purpose of the file, the functions available, finally followed by a three-step guide to start using the workbook correctly. This avoids confusion and anyone can access and operate it instantly. |
| Assumptions | This tab lays out the fundamental rules on how the workbook operates to maintain consistency across teams. Introduces the 5x5 risk scoring method, the levels of risk company can tolerate, refund or cooling-off periods, KYC, and AML requirements, SLAs, and how long documents can be stored. |
| Risk Log | It outlines the current risks faced by the company. Tracks the severity and likelihood score, final risk score, owner responsible for the actions, mitigation plans, and the deadline to close risk. |
| Severity × Likelihood | A visual 5x5 matrix to calculate final score and classifies risks into low, medium, or high. This sets out a uniform tone among the teams regarding risks which avoids further arguments. |
| Country Rules Matrix | A table that shows side-by-side comparison of market rules in 20+ countries. Rules regarding KYC, return or cooling-off period, and eligibility to sell in a country are stated beside each country. This makes it easy for various teams to operate as per the rules and potential risks. |
| Approval Workflow | It outlines the approval workflow. From draft to publish, it goes through every step in detail, and extra checkpoints such as localization, DPO, Tax, and IT are included. |
| Audit Trail Checklist | It lists all the documents required to be ready for audit, this includes approvals, version changes, communication records, training proof, waivers, monitoring plans, PIRs, and retention. |
| Claims Register | All income, health, and product claims made are logged in with the necessary source, reference links, severity score, action required, and status of the corrections. This is to avoid legal issues if distributors happen to create false claims without proper evidence, especially regarding health products. |
| Exceptions & Waivers | To make the sheet flexible enough, temporary permissions are given for exceptions. This allows you to break the rule for a short time. The tab tracks who approved it, when it was approved, and renewal reminders. |
| Reg Changes Log | Whenever rules are updated in any market, this tracks and logs the changes especially in domains such as KYC, AML, Marketing, Data Privacy, or Tax. This makes the team aware of how the changes are going to impact their direct sales sector and provides a summary according to which teams can adjust policies. |
| Dashboard | The dashboard provides executives with a quick summary of top risks, identifies risks that exceed the company’s tolerance level, open claims, waivers, and regulatory changes. |
Who will this Excel template help the most
Chief Compliance Officer and Legal Team: As the team of distributors at a company expands, it is the duty of compliance officers along with counsel of legal officers to ensure distributors don't break any national and international laws.
Country and Regional Managers adjusting policies: Adjusting and localizing policies according to each country can often be difficult and confusing. A list of compliance rules corresponding to each country in a single Excel file can help country and regional managers to ensure the company is following the necessary rules.
Marketing teams for re-checking validity of the claims: Distributors may make claims which may not be credible enough or violate the rules by certain governing authorities. Such files help the marketing team review and cross-check the validity and credibility of all the advertising claims before making the product public.
Equipping the audit, QA, and risk teams: With the help of such a sheet, audit and QA teams can be prepared and ready with essential documents for any inspection. Maintaining necessary artifacts can also prepare them to face any legal lash back and defend themselves in front of the court.
Executive teams: Executive officers who want a quick weekly snapshot of all comparable risks can find this sheet beneficial. It is board-ready, organized meticulously for quick weekly reviews or meetings.
Why would this free Global Compliance & Claims Risk Register work
One source of truth: Juggling different country policies can feel overwhelming. Hence, a sheet where all risks, rules, claims, and approvals are organized can make compliance assessment easy and save time.
Actionable scoring system: A fixed formula to calculate risk score can avoid arguments and clashes of opinions among the team leads. A 5x5 matrix where risk severity multiplied by likelihood provides a solid score which would give the leadership an idea where they stand in terms of compliance compatibility.
Globalized yet local-ready: The matrix can help localize policies according to each country, ensuring the company is eligible to sell products in that market and adhere to the compliance rules.
Audit-ready by default: The sheet is organized in such a way that artifacts and documents are ready to face an inspection from the authorities or defend themselves if the company is accused of breach of rules.
Start using the template today with 3 simple steps
Set company rules in Assumptions by defining the thresholds, SLAs, and retention periods.
Check the country-wise rules and localize the country matrix. Log open items in Risk Log or Claims Register.
Before launching the business in a country, get the workflow approved by the compliance and legal team. Attach evidence and brief stakeholders for the teams to get a quick view using the dashboard.
Are you finding it hard to juggle different country regulations while trying to scale your direct sales globally? Contact our expert to receive guidance on how to use this free register which makes compliance easier.
Download a US-market ready Global Compliance and Claims Risk Register to navigate compliance rules, analyze risks and plan mitigation methods.
*No email required.
