Playbook: Integrating Risk Management into Your Compliance Program

About This Guide

Effective compliance programs start with risk management. Viewing compliance through this lens helps ensure your program is strategic, structured, and tailored to your firm’s specific risks. By identifying risks, assigning scores, and implementing controls, teams can prioritize efforts, allocate resources, and meet regulatory expectations.

This playbook offers a step-by-step guide to managing compliance through a risk-based approach—equipping you with tools to build a resilient and defensible program.

Table of Contents

Step 1: Define the Scope of your Compliance Program

• Catalog Your Requirements
• Map Internal Policies to Requirements
• Engage Stakeholders

Step 2: Build a Risk Scoring Framework

• Define Risk Criteria (Likelihood and Impact)
• Build Your Risk Matrix
• Consider Dynamic Factors

Step 3: Design and Implement Controls

• Categorize Controls
• Consider these Principles
• Document Control Effectiveness
• Calculate Residual Risk

Step 4: Implement Monitoring and Reporting Processes

• Establish Monitoring Mechanisms
• Develop Reporting Templates
• Foster Continuous Improvement

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