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Regulatory Compliance Risk Management: A Guide
What is Regulatory Compliance in Risk Management?
Regulatory compliance in risk management refers to the process of ensuring that a company adheres to all relevant laws, regulations, and standards applicable to its business operations. This involves identifying the legal requirements that the organization must meet and implementing strategies and controls to ensure compliance.
The Compliance Risk Management Process
The compliance risk management process is a structured approach to identifying, assessing, managing, and monitoring the risks of non-compliance with applicable laws and regulations. It typically involves:
1. Risk Identification
Determining what compliance risks exist
2. Risk Assessment
Evaluating the severity and likelihood of these risks
3. Risk Mitigation
Implementing controls to reduce or manage these risks
4. Monitoring and Review
Continuously checking the effectiveness of these controls and making necessary adjustments
How to Mitigate Regulatory Compliance Risk?
To mitigate regulatory compliance risk:
- Implement robust policies and procedures that align with legal requirements
- Educate and train employees on compliance standards and their responsibilities
- Use technology to enhance tracking, monitoring, and reporting of compliance data
- Conduct regular audits to ensure policies are followed and effective
- Stay updated on changes in legislation that affect your business
How to Manage Regulatory Compliance?
Managing regulatory compliance involves:
- Understanding applicable regulations and how they impact the organization
- Developing a compliance program that includes policies, procedures, training, and monitoring mechanisms
- Assigning compliance responsibilities to dedicated individuals or teams
- Regularly reviewing and updating the compliance program to address new risks or changes in regulatory requirements
- Engaging with regulatory bodies and staying informed about regulatory changes
Key Risk Indicators for Regulatory Compliance
Key risk indicators (KRIs) for regulatory compliance are metrics used to signal the increasing risk of non-compliance. Examples include:
- Number of compliance breaches or violations reported
- Audit findings that highlight non-compliance
- Employee training completion rates
- Changes in regulatory requirements that have not been addressed
- Complaints or legal claims related to non-compliance
How Secureframe Can Help with Regulatory Compliance Risk Management?
Secureframe’s GRC automation platform is designed to help organizations effectively manage the complexities of regulatory compliance. Our platform automates processes like continuous monitoring and remediation, evidence collection, policy management, risk assessments, and task management, reducing the time and effort it takes for organizations to understand how regulatory changes affect their existing compliance program.
Our team not only reaches out to notify customers of any regulatory changes affecting their compliance posture, but the Secureframe platform is also built and maintained by compliance experts. Any regulatory changes or framework updates are reflected in the platform, such as PCI DSS 4.0, ISO 27001:2022, NIST CSF 2.0, NYDFS NYCRR 500 amendments, and more.
Benefits of Using Secureframe
- 95% of users saved time and resources obtaining and maintaining compliance
- 50% reduced costs associated with their compliance programs
Learn more about how our platform can help your organization streamline regulatory compliance management by scheduling a demo with a product expert.