Compliance Risk
What is Compliance Risk?
The potential for legal penalties, financial loss, or reputational damage arising from an organization's failure to comply with laws, regulations, or standards.
Terms that appear alongside compliance risk
Each of these is named in at least one of the same controls as compliance risk. The number is how many controls name both.
- compliance 7 shared controls
- audit 2 shared controls
- compliance risk assessment 2 shared controls
- risk assessment 2 shared controls
- management system 2 shared controls
- policy 2 shared controls
Frameworks that govern compliance risk
What the standards actually require on compliance risk
Requirements naming compliance risk across 6 standards, quoted from the control text.
Members of the compliance function should know how compliance risks are identified, analysed and evaluated by relating obligations to the organization's activities, products, services and operations including outsourced and third-party processes;
iso-37303-2025::A.2.2.3 · Knowledge of compliance risk management →How the organization decides what its compliance management system covers and assesses compliance risk. It is rated on two dimensions, each against the five-level scale in 5.2. Policy and procedures with conduct and culture: level 1, no procedures;
iso-37302-2025::6.1.3 · Determination of the scope of the compliance management system and assessment of compliance risk →The organization shall base the identification, analysis and evaluation of the compliance risks it faces on a compliance risk assessment.
iso-37301-2021::4.6 · Compliance risk assessment →Management manages legal risk from failing to comply with statutes and regulations, with the bylaws and agreements of card networks, clearing houses and counterparties, and with consumer protection law such as GLBA, Truth in Lending, Regulation CC and Regulati...
ffiec-it-examination-handbook::RPS-07 · Legal (Compliance) Risk (Retail Payment Systems) →Regulated companies develop an approach to security patches, hot fixes and service pack upgrades that sets out how to judge the threat level to the enterprise and, from it, the urgency of patching, allows flexibility that balances risk to the enterprise agains...
gamp-5-good-automated-manufacturing-practice::S4 · Appendix S4 Patch and Update Management →The institution must have a designated compliance function assisting senior management to effectively manage compliance risks, adequately staffed by appropriately trained and competent people with sufficient authority to perform their role and with a reporting...
CPS220-P43 · Designated Compliance Function →Questions people ask about compliance risk
What is Compliance Risk?
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