Every company assesses risk. This is not just a compliance issue. There are operational risks, competition risks and other risks that companies—from a business perspective—must control. The process is a familiar one.
But when it comes to compliance, I see too many programs overlooking the incredible benefits of a thorough risk assessment. Too often, compliance officers believe they know where their companies’ risks are or don’t see the value for the cost and ask for a “quick and dirty” risk assessment.