Compliance risk management refers to identifying, assessing, and mitigating risks associated with non-compliance with laws, regulations, industry standards, and internal security policy within an organization. It is an ongoing process that requires commitment, resources, and a proactive approach to ensure that an organization operates in a compliant manner. And it involves establishing systematic approaches and controls to ensure that the organization operates within the boundaries of legal and regulatory requirements.
By effectively managing compliance risks, organizations can reduce legal and financial liabilities, protect their reputation, build trust with stakeholders, and create a more sustainable and ethical business environment.