Risk assessment is crucial for managing compliance risks. Understanding the risks your organization faces and the existing control mechanisms in place will help you identify additional measures needed and determine the residual risks you are prepared to accept. It’s also vital to manage risks associated with third parties and foster an ethical business culture. Staying updated on the latest rules and regulations relevant to your industry is essential. Leveraging technology to automate routine compliance tasks can further improve your ability to stay compliant and efficient.
Find the detailed Inforgraphic here: