By definition, compliance risk management refers to the practice of identifying potential compliance risks analyzing them and taking precautionary steps to reduce/curb these risks.
Some examples of compliance risks are:
Legal/Regulatory
Product/Service Standards
Ethical Standards
Employment Practices
Specifically, compliance risks are the threat posed to a company’s ability to operate and which could impact it’s ability to achieve its strategic objectives.
Realizing the importance of compliance RM, Villa Lake Partners assists clients in understanding their compliance risk exposure and develops a more dedicated and holistic approach via compliance audits. These safeguards are built into the day-to-day business operations, in order to optimize compliance.