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.
Requirement defined in ISO 37301:2021, clause 4.6 (Compliance risk assessment). See licensed source for normative text. Implementation focus is to demonstrate conformity with the obligations of this clause through the artefacts listed in evidence_requirements.
iso-37301-2021::4.6 · Compliance risk assessment →Advisory function on compliance with laws, regulations, and administrative provisions. Assess impact of changes in the legal environment and identify compliance risk (Article 46).
SII-P2-06 · Compliance Function →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 →Category 5 - the right to a safe and healthy working environment - added to the Declaration on 10 June 2022 at the 110th International Labour Conference, recognising occupational safety and health (OSH) as a fundamental right alongside the other four categorie...
ILO-FPRW-Cat5-OSH-SafeHealthyEnvironment-C155-C187-2022Amendment · ILO Fundamental Category 5 - Safe and Healthy Working Environment (C155 + C187) + 2022 Amendment Adding OSH as Fundamental Right →ISMAP Assessment positions ISMAP within the comprehensive Japanese and international cloud security regulatory landscape. (1) External Assessment by ISMAP-Approved Auditor: CSP must undergo annual third-party assessment by ISMAP-approved audit organisation inc...
ISMAP-Assessment-ExternalAuditor-AnnualReview-CustomerTransparency-Coord-FedRAMP-IRAP-GCloud-PIPA-ISO27017 · ISMAP Assessment - External ISMAP-Approved Auditor + Annual Review + Customer Information and Transparency + Coordination FedRAMP/UK G-Cloud/Australia IRAP/Singapore MTCS + ISO 27017 + PIPA + Japan Digital Agency →Determine scope and applicability of the OCC Heightened Standards per 12 CFR Part 30 Appendix D Section I and the OCC Heightened Standards for Large Banks final rule (effective November 2014 + revisions).
OCCHS-1 · Scope, Applicability, and Definitions of Heightened Standards →Questions people ask about compliance risk
What is Compliance Risk?
Why is Compliance Risk important for compliance?
Which compliance frameworks address Compliance Risk?
Where can I learn more about Compliance Risk?
See how Compliance Risk applies across compliance frameworks
Our platform maps 686 frameworks with 311K cross-framework control mappings. Explore how this concept is addressed across standards.