In the current regulatory environment, organisations must continually adapt their practices to changing regulations and laws. In this context, the ongoing risk management becomes a key tool to help organisations maintain a high level of compliance and minimise the risk of breaches. In addition, compliance risk management also allows for the assessment and identification of possible new risks and the adjustment of breach prevention strategies to meet the organisation’s current needs.

Specifically, as a part of the ongoing risk management process, the following measures are of paramount importance:

• review of changes in regulations and laws relating to the organisation’s activities;
• identification of new risks, i.e. identifying new areas where a potential risk of compliance violations may occur;
• update of the compliance strategy based on the conducted analysis, i.e. adjusting the existing breach prevention strategies and procedures to better address the new risks;
• update of employee training and awareness so that employees are made aware of current risks and fully understand the compliance procedures.

Below are also some reasons why ongoing compliance risk management is so important for organisations. First and foremost, we need to keep in mind:

• Changing legislation. Organisations need to regularly assess whether their compliance practices are aligned with current legislation to avoid potential legal breaches;
• Changes in the external environment. The business environment is constantly changing. New market trends, economy shifts and other external factors can affect the risks an organisation may encounter. Ongoing risk management, on the other hand, allows these changes to be addressed;
• Internal changes within the organisation. The goal of any organisation is to grow, which manifests itself through, among other things, the launch of new products, services, processes or technologies. Any of the above changes may create new risks in the organisation or change the existing ones. Ongoing risk management in this case will identify new risks and allow to understand how the occurring changes affect the organisation and how the risk incidence can be reduced;
• Monitoring of the effectiveness of control activities. Ongoing risk management also allows the organisation to assess whether its current control activities are effective in mitigating the occurring risks;
• Adjustment of business strategy. As an organisation grows, it becomes necessary to adapt its business strategy to changing market conditions. Ongoing risk management helps to understand risks associated with new courses of business and whether they are acceptable;
• Reputation management Ongoing risk management helps prevent the possibility of reputation loss or damage. Breaches of regulations or ethical standards can result in significant damage to an organisation’s reputation. Ongoing risk management helps avoid situations in which the organisation would be exposed to a public image crisis;
• Requirements of investors and business partners. Recently, it has become increasingly common for investors, business partners and suppliers working with an organisation to require evidence that the organisation is monitoring any involved risks on an ongoing basis and taking appropriate steps to minimise them.

To conclude, ongoing risk management is an integral part of an effective compliance and non-compliance risk management system. It helps the organisation make the right business decisions, as well as remain competitive, maintain its reputation, avoid potential crises and adapt to a rapidly changing market environment.