what is risk and compliance

Question

Accepted Answer

Risk and compliance refer to the processes and regulations put in place to identify, assess, and mitigate potential risks within an organization.

Risk refers to the potential for loss or harm that may result from an action or decision.
Compliance involves adhering to laws, regulations, policies, and standards set by governing bodies.
Risk management involves identifying, assessing, and prioritizing risks, followed by coordinating and implementing strategies to minimize or eliminate them.
Compliance management ensures that an organization is following all relevant laws and regulations to avoid legal penalties or reputational damage.
Examples of risk and compliance measures include conducting risk assessments, implementing internal controls, and ensuring regulatory compliance through audits and monitoring.

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