Printer Friendly, PDF & Email

Chapter 4. Step Two: Determining Likelihood of Occurrence

Chapter Goals:

  • Develop compliance risk factors that are specific to your business, industry, and country.

  • Understand how to prioritize the compliance risk factors, which includes assessing the likelihood of the risk’s occurrence.

Two compliance risk factors are typically used to determine the risk level of a compliance issue—likelihood of occurrence and impact of occurrence. It is with these two factors that you will be able to turn your risk universe list into a risk universe matrix—a graphical representation of risks that can help prioritize your risk mitigation efforts.

This document is only available to subscribers. Please log in or purchase access