Compliance Risks: What You Don’t Contain Can Hurt You
As global regulations proliferate and stakeholder expectations increase, organizations are exposed to a greater degree of compliance risk than ever, according to an article posted in The Wall Street Journal’s CFO Journal.
Compliance risk is the threat posed to a company’s financial, organizational, or reputational standing resulting from violations of laws, regulations, codes of conduct, or organizational standards of practice, the report explains.
The article includes a list of best practices to use in compliance risk assessment, including: Gather input from a cross-functional team, establish clear risk ownership of specific risks and drive toward better transparency, and solicit external input when appropriate.
