Legal or Compliance risk arises from an institution's failure to enact appropriate policies, procedures, or controls to ensure it conforms to laws, regulations, contractual arrangements, and other legally binding agreements and requirements.
What is the role of risk and compliance?
A Risk Compliance Manager coordinates the creation, review and implementation of policies and procedures established by the agencies that regulate the company. Compliance Managers apply and interpret audit and compliance requirements for various departments.
What are examples of compliance risks?
Legal compliance is the process or procedure to ensure that an organization follows relevant laws, regulations and business rules.
What legal compliance means?
The Information Systems Audit and Control Association® (ISACA) defines risk as the probability of an event and its consequence, whereas compliance is conforming with requirements set forth by a regulatory body.