Glossary definition: Compliance Risk Management

Compliance Risk Management: Strategies for Avoiding Penalties

Compliance risk management is the process of identifying, assessing, monitoring, and mitigating compliance risks associated with an organization’s operations and activities. It involves the implementation of policies and procedures to ensure the organization is compliant with applicable laws, regulations, and standards. Compliance risk management also includes the implementation of internal controls, such as audits and reviews, to monitor and assess compliance with these laws, regulations, and standards. The goal of compliance risk management is to protect the organization from potential liabilities and reputational damage resulting from non-compliance with applicable laws, regulations, and standards. Compliance risk management also helps ensure the organization is able to meet its financial, operational, and strategic objectives.