Introduction to Compliance Risk Assessment

Introduction to Compliance Risk Assessment udemy course free download

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

Hello

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

BRIEF OVERVIEW OF  THE IMPORTANCE OF COMPLIANCE RISK ASSESSMENT

It is one of the big challenges for 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 robust Compliance Functions and hire dedicated Compliance 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 the mandatory 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 perform Compliance Risk Assessment (CRA), are prone to the risk 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 journey will 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 Requirements that Compliance professionals and Risk Assessment teams should know for compliance and risk assessment purposes, including Cybersecurity, 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 of Compliance 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 the Operating Effectiveness of Control and Mapping with Risk Statement

• Using a CRA Template to perform CRA

• Process of drafting "Compliance Risk Statements" from Sources

• Inherent and Residual Risk Assessments Process and Examples

• Controls Mapping Process CRA template

• Assigning, Analysing, and Assessing Risk Scores

  
  

• CASE STUDIES: 

  3 Practical Case Studies to 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 - MCQs to test your knowledge of concepts that you will gain in this course.

• HOME ASSIGNMENT

  You will learn how a Compliance Risks and Controls Matrix is developed.

  You have to develop a Compliance Risks and Mitigation Control Matrix including 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.