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A risk-based approach is a method of prioritizing focus and resources for the purpose of managing risk and implementing controls based on the level of risk posed by a product, territory, jurisdiction or product. Companies are expected to assess their own risk and determine the appropriate controls to manage the risks based on the severity of the potential harm or loss.
If you have any further insights or helpful thoughts on applying a risk-based approach, I would be happy if you share them with us in the comments.
If you would like to learn more about compliance and the risk-based approach, register for my fully virtual Compliance Practices workshop on September 27, 2022. Visit our website for more information on how to register.
https://learning.kccompliance.co.za/Home/workshops/
For additional compliance-related learning opportunities, including online courses, visit the KC Compliance website.
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