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Compliance risk refers to the financial, legal, reputational or business impact on an organization of any size or structure of not adhering to a set standards, laws or frameworks. Most organizations think of risk in terms of a negative outcome. For example, in the context of information security, one could have a risk of financial fines and penalties by not complying with privacy regulations.
Compliance Risk Management is the collection of management processes to identify, assess, address, and monitor risks. A typical program will consider the impacts of risks to an organization that include:
Compliance risk can be broken down into the following high level categories:
Typically run by a Risk officer or compliance manager, a strong risk management program will consider risks across the organization including its assets. It will also incorporate both quantitative and qualitative measures, assign risk ownership, have a well defined risk treatment process, and continuously monitor risks. To implement a strong compliance risk management program, consider how and who will participate, how results will be reported and how often risks will be reassessed.
There are a number of popular compliance frameworks. When it comes to IT and data security, the following should be top of mind:
We hope this information is useful as you embark on your compliance journey. Contact us if you have more important things to do than PM a security function while you create The Next Big Thing.
Strike Graph helps companies build a simple, reliable and effective compliance program so that they can get their security certifications quickly, build trust with customers, and focus attention on revenue and sales.
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