Chapter 6. Step Four: Conducting the Compliance Risk Assessment Survey

Chapter Goals:

  • Develop a compliance risk assessment survey that is unique to your business.

  • Decide who will conduct the survey.

Remember the cake baking exercise? Well, at this point, you have identified what cake you want to bake (Step 1: Defining Your Compliance Risk Universe) and you have identified what ingredients are going to be part of the batter (Step 2: Determining Likelihood of Occurrence and Step 3: Determining Impact of Occurrence), so, you must be ready to actually bake the cake, right? Sorry—you are close, but are not ready yet to even turn on the oven. In order to develop your risk universe matrix, you need to assess your company’s status with each of the laws and regulations in your risk universe. That process will require you to gather information from those most involved in complying with the laws and regulations.

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