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Compliance Risk Assessment

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What are Compliance Risk Assessments ?

A Compliance Risk Assessment (hereafter "CRA") is the identification of the risks that a business can face related to its legal compliance, internal policies and procedures and other compliance related matters.
What is Compliance Risk Assessment - CRA ?

Why Business needs Compliance Regulatory Risk Assessment?

Businesses have to conduct CRAs to spot the risks of the entity and assess their importance. Based on the assessment, the entity will spot any inefficiencies of the system, to enhance the efforts for compliance in the “problematic” sector. Companies usually conduct many types of assessment, but the compliance risk is a more specific one, focusing on the compliance of the business with applicable laws.

Lately, the constantly changing regulatory environment has made the compliance risks a serious threat for businesses as it is very challenging to keep up to date with all the amendments and the practical implications that they represent. Risk Assessments of the CRA together with a proper regulatory watch system can protect a business from reputational exposure and fines.
Compliance Risk Management Visualisation

Understanding Inherent and Residual Risk Management (CRA)

Inherent Risk

“Inherent risk” is the level of risk an institution would face if there weren’t controls to mitigate it. In simple words, it is the risk before the controls. A complete assessment will help a business to understand its inherent risk and organise its strategy in advance before the risk occurs.

Residual Risk

When the business examines its risks taking into account the existing applicable controls, we face to a “Residual risk”. By considering these two calculated levels of risk, a business can assess its current controls and evaluate if they are sufficient or not.

How to conduct a Compliance Risk Assessment ?

In conclusion, as the compliance standards for businesses are more and more elevated, CRAs seem necessary to eliminate failure for compliance. Be sure that you conduct complete CRAs and contact Pideeco for assistance and consultancy services.

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