What should be included in a compliance risk assessment?

A compliance risk assessment is a critical process that organizations use to identify potential risks related to compliance requirements and evaluate how those risks might impact the organization. The correct choice emphasizes three essential components of a compliance risk assessment:

1. Identification of Potential Risks: This involves recognizing various areas where compliance vulnerabilities may exist, such as regulatory breaches, data security issues, or ethical concerns. Identifying these risks is the foundational step in any risk assessment.

2. Evaluation of Their Impact: Once risks are identified, it's essential to analyze and assess the potential impact these risks could have on the organization. This evaluation helps prioritize which risks need immediate attention and resources based on their severity and likelihood of occurrence.

3. Strategies to Mitigate Them: After understanding the risks and their impacts, organizations should outline concrete strategies or action plans to mitigate these risks. This includes developing policies, training programs, and monitoring activities to ensure compliance and reduce the likelihood of violations.

Including these components ensures that the compliance risk assessment is comprehensive and actionable, allowing the organization to proactively address compliance challenges and safeguard against potential legal and financial penalties.

In contrast, the other options do not encompass all necessary elements of a compliance risk assessment. Listing employees and their roles focuses on organizational structure rather than risk identification and mitigation