Introduction to Compliance Risk Assessment

Fundamentals of Compliance Risk Assessment (CRA), How Is It Performed. For Compliance, Risk, and Audit Professionals

What you'll learn
- Learn about Compliance, and Compliance Risks, with examples
- Learn about Regulators, different Laws, Regulations and Standards issued by Regulators
- Learn key Compliance Areas and related Requirements such as Cybersecurity, Data Privacy, ESG, Health and Safety, Anti Financial Crime Compliance, etc
- Learn about Risks, and Common Compliance Risks faced by Financial Institutions
- Learn about Inherent Risk Assessment, Residual Risk Assessment, Risk Scores, Ranges, Impacts and Likelihood
- Learn about Compliance Risks Identification Process
- Learn about the methodology of performing Compliance Risk Assessment
- Learn hoe Compliance Risk Assessment are performed by organizations using the Compliance Risk Assessment Template
- Case Studies to actually perform the Compliance Risk Assessment

What you'll learn
- Learn about Compliance, and Compliance Risks, with examples
- Learn about Regulators, different Laws, Regulations and Standards issued by Regulators
- Learn key Compliance Areas and related Requirements such as Cybersecurity, Data Privacy, ESG, Health and Safety, Anti Financial Crime Compliance, etc
- Learn about Risks, and Common Compliance Risks faced by Financial Institutions
- Learn about Inherent Risk Assessment, Residual Risk Assessment, Risk Scores, Ranges, Impacts and Likelihood
- Learn about Compliance Risks Identification Process
- Learn about the methodology of performing Compliance Risk Assessment
- Learn hoe Compliance Risk Assessment are performed by organizations using the Compliance Risk Assessment Template
- Case Studies to actually perform the Compliance Risk Assessment

Description
Hello

Welcome to the 'Introduction to Compliance Risk Assessment' Course.

BRIEF OVERVIEW OF  THE IMPORTANCE OF COMPLIANCE RISK ASSESSMENT

It is one of thebig challengesfor companies, organizations, institutions, and businesses, to ensure that they comply with applicable laws and regulations. As Laws and Regulations change over time, there is a need for performing regular risks identification, assessments, and mitigation of risks. Performing Compliance Risk Assessment is one of the regulatory requirements and involves a logical and sequential process, which Compliance and Risk Management professionals follow for risk management. Therefore, organizations, institutions, companies, and businesses establish robustCompliance Functionsand hire dedicatedCompliance Risk Assessment (CRA) teams and professionals.

Compliance and Risk Management professionals perform 'compliance risk assessment', to identify new and emerging Compliance Risks derived from different 'applicable/new' Laws, Rules, Regulations, Standards, etc. to be covered in the overall Compliance Risk Assessment.

Today,Compliance Risk Assessment (CRA)is considered one of themandatory parts of overall Compliance Management, in any organization, company, institution, or business. Regulated institutions, such as Digital Payment Companies, E-Commerce Companies, Gateways, Banks, Insurance, Investments, Technology Companies, Manufacturing and Service sector companies, and businesses all regularly perform CRAs and report the CRA results to the Board of Directors and Management. Organizations that do not develop, and performCompliance Risk Assessment (CRA), are prone to therisk of non-compliance, which may lead to fines, and penalties that will lead to financial and reputational losses.

ABOUT COURSE

This course will give you a comprehensive knowledge of Compliance, Key Regulations and Their Requirements, Various Risks, Compliance Risks, Sources of Compliance Risks, Compliance Risk Assessment, and Methodology/process organizations/institutions use to identify and manage their compliance risks, including significant/high-level compliance risks. You will also learn how organizations, institutions, and companies document, analyze, prioritize, and mitigate/manage regulatory compliance risks, as part of overall risk management activity.

TOPICS COVERED

Your learning journeywill provide you with knowledge and understanding of important concepts, including:

Fundamentals of Compliance,

Compliance Culture, Compliance Risk, and related concepts

Different Key Risks Being Faced by Organizations?

Key Compliance Areas and related Requirementsthat Compliance professionals and Risk Assessment teams should know for compliance and risk assessment purposes, includingCybersecurity, Data Privacy, Environmental, Social and Governance ESG, Artificial Intelligence AI Use, Health and Safety, Anti Financial Crime Compliance, etc.

Sources of Compliance Risks with Examples to Perform CRA

Overview of "Data Protection" and "Anti-Money Laundering AML" Compliance Requirements applicable in different countries such as the United States, Europe, China, Singapore, Australia, etc.

Consequences of Non-Compliances

Compliance Risk Assessment (CRA)Process and its Key Steps

Process ofCompliance Risks Extraction

Case Scenario: Steps Involved in Using Internal Policy:Source of Compliance Risk, for Risk Identification

Extraction of Compliance Requirement for Risk Statement

Creation and Drafting 'Risk Statements'

Checking theOperating Effectiveness of Control and Mappingwith Risk Statement

Using aCRA Templateto perform CRA

Process of drafting "Compliance Risk Statements" from Sources

Inherent and Residual Risk AssessmentsProcess and Examples

Controls Mapping Process CRA template

Assigning, Analysing, and Assessing Risk Scores

CASE STUDIES:

3 Practical Case Studiesto discuss how 'Compliance Risk Assessments' are performed in different Scenarios and Processes.

BONUS LECTURE -CASE STUDY

You will learn, How a Compliance Officer Performs Compliance Risk Assessment, in an E-Commerce Company utilizing Artificial Intelligence AI Pricing and Product Models, How a Compliance Officer develops a formal Compliance Risk Register for Compliance Risk Assessment, How Inherent and Residual Risk ratings are assigned for Top Risks, etc.

MULTIPLE CHOICE QUESTIONS

Multiple Choice Questions - MCQsto test your knowledge of concepts that you will gain in this course.

HOME ASSIGNMENT

You will learn how aCompliance Risks and Controls Matrixis developed.

You have to develop aCompliance Risks and Mitigation Control Matrixincluding Identification of Risks, Documentation of  'Compliance Risks Statements', 'Assigning risk Ratings', and documenting 'Mitigation Controls', for Compliance Processes given in the assignment.

You can download the 'Compliance Risks and Mitigation Control Matrix' Template.

DOWNLOADABLE RESOURCES

Downloadable Course Script,

Downloadable Prototype of CRA Template,

Downloadable 'Compliance Risks and Mitigation Control Matrix' Template.

Other Benefits

Lifetime access to the course

Certificate of completion of course etc.

Who Is This Course For?

If you are working in any of the following capacities or a student learning Compliance and Risk Management, specifically the Compliance Risk Assessment, then this course is for you;

Chief Compliance Officers (CCOs),

GRC Head, GRC Analyst and Managers,

Compliance Analysts, Compliance Risk Management Professionals,

AML Analysts,

MLROs, DMLROs,

Risk Management Heads, Risk Professionals, Risk Analysts, Risk Reviewers,

Risk and Compliance Consultants,

Internal Auditors, and Internal Controls Specialists,

Cyber Security Risk Analysts,

ACAMS, Risk Management and Compliance Students

Anyone who wants to learn about Compliance Risk Assessment is welcome to this course.

Thank you

Happy learning.

Who this course is for:
- Compliance Professionals, Compliance Heads, AML Head, AML Analysts, Compliance Analysts, Anti-Financial Crime Specialists and Compliance Students such as ACAMS
- Risk Management Professionals, Risk Analysts, Compliance Risk Management Professionals, and Risk Management Students
- Internal Auditors, Internal Controls Analysts and students
- IT or Cybersecurity Professionals and Students
- Money Laundering Reporting Officers (MLROs), Deputy Money Laundering Reporting officers (DMLROs)
- Departmental heads working in different departments or functions in an organizations or companies
More Info