You’ve worked too hard to ruin everything by cutting corners. While it might not sound like much, conducting a risk assessment is essential for an effective compliance program, and in some cases, it’s required by law. Every once in a while, you need to identify and assess the primary compliance risks applicable to your organization. This includes an assessment of related control mechanisms utilized to identify, measure, monitor, and control relevant risks.
Without conducting regular comprehensive risk assessments, you’re much more likely to make big mistakes. You’re more likely to overlook critical threats that require immediate attention; waste resources spent on risks with less severity or probability; and, fail to implement proactive compliance activities due to missing data critical for competent compliance leadership and guidance.
You’ve done too much work to let everything go to hell in a handbasket. Don’t cut corners and regularly assess your risks, starting right now. It’s a lot easier than you think.
Tune into my upcoming webinar, Traits of a Comprehensive Risk Assessment, and learn the characteristics of a comprehensive risk assessment, how to create a risk assessment for your organization, identify critical components required to achieve a successful risk assessment, when to conduct a risk assessment and how to incorporate it into your compliance program workflow.