Your glossary for risk and compliance
Helpful definitions of all of the terms you need to know to better manage risk and compliance.
TermsAFSL Authorised Representative AICPA Annex A Controls ASIC Attestation of Compliance (AOC) Business Continuity Management Compliance Automation Software Compliance Risk Management Cybersecurity Maturity Model Certification (CMMC) FedRAMP Governance Risk & Compliance (GRC) GPDR HIPAA HITRUST Incident Management Information Security Management System (ISMS) ISMS Governing Body ISO 27001 Notifiable Data Breach OAIC Policy Management SOC 1 SOC 2 SOC 3 SOC Reports SOC Trust Services Criteria (TSC) SSAE 16 SSAE 18 Third Party Risk Management Vendor Assessment Vendor Management Policy Vendor Review Vulnerability Vulnerability Management
What is Compliance Risk Mananagement
Compliance risk management, which is a subset of compliance management, involves identifying, assessing, and monitoring the risks to your enterprise's compliance with regulations and industry standards, putting internal controls in place to ensure that you are compliant, and monitoring those controls to be sure that they're effective on an ongoing basis. A compliance risk management program notes the material losses and exposures to your organization that non-compliance could cause, including legal penalties, fines, business loss, and reputational loss.
Given the variety of regulations with which organizations must ensure their compliance, such as SOC 2, GDPR, HIPAA, ISO, and others — a company should consider how it can best develop a well-integrated compliance strategy to span their entire company.
A comprehensive compliance risk management strategy enables an organization to understand and effectively address potential threats to its ability to conduct its business while complying with standards and regulations.