Compliance Risk Register

A Compliance Risk Register is a comprehensive document that identifies, assesses, and tracks potential compliance risks within an organization. Key features include:

1. Description of each identified compliance risk

2. Risk assessment (likelihood and impact)

3. Current controls or mitigation measures in place

4. Risk owner or responsible party

5. Action plans for addressing high-priority risks

This register serves as a central repository of compliance risk information, providing a holistic view of the organization’s risk landscape. It helps prioritize risk management efforts and allocate resources effectively. The document typically includes a scoring system to quantify risks and may use color coding for easy visual identification of high, medium, and low risks. It often covers various compliance areas such as regulatory compliance, data privacy, anti-corruption, and environmental regulations. The risk register is usually maintained by the compliance team but involves input from various departments. It is regularly updated to reflect changes in the regulatory environment, business operations, or risk mitigation efforts, serving as a dynamic tool for ongoing compliance risk management.