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Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules. [5] The definition of legal compliance, especially in the context of corporate legal departments, has recently been expanded to include understanding and adhering to ethical codes within entire professions, as well.
Risk management is predicting and managing risks that could hinder the organization from reliably achieving its objectives under uncertainty. Compliance refers to adhering with the mandated boundaries (laws and regulations) and voluntary boundaries (company's policies, procedures, etc.). [9] [10]
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Compliance risks: Failing to follow laws, regulations, or industry standards Reputational risks : Negative reviews , bad publicity, or customer complaints Cybersecurity risks : Data breaches ...
The APRA in particular deals with superannuation and its regulation, including new regulations requiring trustees of superannuation funds to demonstrate to APRA that they have adequate resources (human, technology and financial), risk management systems, and appropriate skills and expertise to manage the superannuation fund, with individuals ...
The Federal Information Security Management Act of 2002 (FISMA, 44 U.S.C. § 3541, et seq.) is a United States federal law enacted in 2002 as Title III of the E-Government Act of 2002 (Pub. L. 107–347 (text), 116 Stat. 2899).
The Risk Management Framework (RMF) is a United States federal government guideline, standard, and process for managing risk to help secure information systems (computers and networks). The RMF was developed by the National Institute of Standards and Technology (NIST), and provides a structured process that integrates information security ...
Enterprise risk management (ERM) ... Compliance - compliance with applicable laws and regulations; ISO 31000: the new International Risk Management Standard
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