The Legal department within our business works to maintain and prevent any issues of law that arise. The legal team plays critical roles in reviewing and drafting contracts, employee policies, and handling court cases.
Compliance risk is exposure to legal penalties, financial forfeiture and material loss an organization faces when it fails to act in accordance with industry laws and regulations, internal policies or prescribed best practices. Many compliance regulations are enacted to ensure that organizations operate fairly and ethically. For that reason, compliance risk is also known as integrity risk.