Compliance Risk Assessment and Prioritization
Covers the end to end process for identifying and prioritizing compliance obligations and risks across an organization. Candidates should be able to describe how to define the compliance universe by cataloging applicable regulations, laws, standards, contractual requirements, and internal policies and then map those obligations to business processes and systems. Includes approaches to risk assessment such as identifying threats, vulnerabilities, and impacts, using risk formulas for likelihood and severity, and choosing between quantitative and qualitative techniques. Includes risk scoring, risk based testing and test case prioritization, and methods to balance testing thoroughness with time and resource constraints. Encompasses compliance gap analysis, development of phased implementation roadmaps, sequencing of remediation work, trade off decisions between quick wins and long term initiatives, and communication of priorities and findings to stakeholders. Also covers operationalization practices for tracking progress, measuring risk reduction, and adjusting prioritization as business context or regulatory requirements change.
