Compliance risk management
Compliance risk management describes the process of identifying, assessing, and monitoring the risks to your organization using regulations and industry standards and checks if the system’s internal controls are in place to ensure your organization is infosec compliant.
Compliance risk management helps understand the material losses and exposures to your organization that non-compliance could cause, including legal penalties, fines, business loss, and reputational loss.
Considering the speed of business changes and the variety of regulations with which organizations must ensure their compliance, such as ISO, SOC 2, GDPR, HIPAA, and other rules and standards, an organization must consider how best they can develop a well-integrated company-wide compliance strategy.
An extensive compliance risk management strategy enables the organization to understand and effectively address potential infosec risks to its ability to conduct its business.