These are the three steps I use to address noncompliant businesses:
1. Risk assessment – The first step must be risk assessment and strategy formation.
2. Work plan – There must be a plan to address the risk.
3. Trigger point – There must be a point at which lack of progress or a slide deeper into risk triggers our disengagement.
Unlike many of our peers, we don’t think that noncompliant businesses are an unacceptable risk. Ignoring this massive business sector makes no sense. Whatever the starting point, there is always room to improve.