Compliance risk management is the process of managing corporate compliance to meet regulations within a workable timeframe and budget. Not every regulated company manages this particularly well, and some even consider noncompliance fines as a normal cost of doing business.
Exposure to legal penalties, financial forfeiture and material loss is what an organization faces when it fails to act in accordance with industry laws and regulations, internal policies or prescribed best practices.
In today’s stringent regulatory business environment with new standards and mandates coming to effect at a never-before pace, the need to keep up with regulatory changes and ensure ongoing compliance with them has emerged as a crucial priority.