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A compliance risk assessment is a systematic process used by organizations to identify, evaluate, and prioritize potential risks related to non-compliance with laws, regulations, industry standards, and internal policies. This assessment helps organizations understand where they might be vulnerable to compliance breaches and allows them to implement controls and measures to mitigate these risks.
We assist you to define the objectives of the compliance risk assessment, such as identifying compliance risks, evaluating their impact, and prioritizing mitigation efforts.
We determine the scope of the assessment, including the business units, processes, functions, and geographic locations to be covered.
Assist you to form a multidisciplinary team comprising representatives from legal, compliance, risk management, internal audit, finance, operations, and other relevant departments (as needed).
Collect relevant information about the organization’s compliance framework, policies, procedures, controls, past audit findings, regulatory requirements, industry standards, and emerging trends.
We help identify potential compliance risks by reviewing regulatory changes, enforcement actions, industry benchmarks, internal incident reports, whistleblower complaints, and external risk assessments.
We conduct interviews or workshops with key stakeholders to identify known or emerging compliance risks specific to their areas of responsibility.
We help you to evaluate the likelihood of occurrence and potential impact of each identified compliance risk on the organization’s operations, reputation, financial performance, and strategic objectives.
We use risk assessment tools or matrices to quantitatively or qualitatively assess the severity and significance of each compliance risk.
We help you to prioritize compliance risks based on their likelihood and impact, as well as other factors such as regulatory requirements, business criticality, legal exposure, and stakeholder expectations.
We help you to identify high-risk areas that require immediate attention and resource allocation for mitigation efforts.
We assist you to develop mitigation strategies and action plans to address identified compliance risks, including preventive controls, detective controls, corrective actions, and risk transfer mechanisms.
We help you assign ownership and accountability for implementing mitigation measures, establishing timelines, and allocating resources accordingly.
We help you to establish monitoring mechanisms to track the effectiveness of mitigation measures and assess changes in the risk landscape over time.
We assist you to conduct periodic reviews and updates of the compliance risk assessment to reflect changes in regulations, business operations, industry dynamics, and emerging risks.
We document the results of the compliance risk assessment, including findings, analyses, recommendations, and action plans, in a comprehensive risk assessment report.
We assist you to communicate the findings and recommendations to senior management, the board of directors, and other relevant stakeholders for awareness and decision-making