7 Crucial steps to handle compliance risk

Risk assessment is the key to handling compliance risk. Knowing what risks your organization is exposed to and what control mechanisms are already there in place will help you identify the extra measures you need to take and the residual risk that you are willing to take. It is important that you manage your risks related to third parties and develop an ethical business culture. You also need to keep yourself abreast of the latest rules and regulations related to various laws applicable to your business. You will be better off if you harness the power of technology and automate some of the routine compliance work.