Effective risk management and compliance with regulatory law
Effective risk management is an integral part of ensuring compliance across many aspects of regulatory law.
It enables organisations to identify, assess and prioritise the risks within a business and put in place adequate control measures to minimise the likelihood of those risks eventuating. However, when managing risk within a business, organisations should be mindful not to over-interpret regulations and become too risk averse. To do so may lead to an organisation incorrectly restricting legitimate activities and the commercial opportunities that go with it.
When somebody mentions the term ‘risk assessment’, it is more often than not considered to be a health and safety requirement, which can in turn be met with a rolling of the eyes and seen as a barrier to carrying out an activity or having fun…
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