Assessing compliance risk involves a systematic approach to identify, evaluate, and mitigate potential risks. Here are the key steps:
Identify Compliance Requirements: Understand all applicable laws, regulations, and standards relevant to the business. Evaluate Current Compliance Status: Conduct an audit to determine the current level of compliance. Risk Analysis: Assess the potential impact and likelihood of non-compliance incidents. Prioritize Risks: Rank the risks based on their severity and likelihood to prioritize mitigation efforts.