Risk Mitigation Strategies

C

The answer is C. Compliance program.

A compliance program is a set of policies, procedures, and controls designed to help an organization comply with laws, regulations, and internal policies. The program is intended to identify, assess, and manage compliance risk in order to reduce the likelihood of legal or regulatory violations.

Compliance programs should include basic elements such as a written program, compliance-related policies and procedures, and ongoing monitoring and testing. The written program should outline the overall compliance strategy and include details about the roles and responsibilities of compliance personnel, as well as the procedures for identifying and assessing compliance risk.

Compliance-related policies and procedures should be developed and implemented to address specific areas of risk within the organization, such as anti-money laundering, data privacy, or securities regulations. These policies and procedures should be regularly reviewed and updated to ensure they are current and effective.

Ongoing monitoring and testing of the compliance program is necessary to ensure that it is working as intended. This includes periodic assessments of the program's effectiveness and regular training and communication to ensure that employees understand their responsibilities and the organization's commitment to compliance.

In summary, a compliance program is a critical component of an organization's risk management strategy, and should include basic elements such as a written program, compliance-related policies and procedures, and ongoing monitoring and testing to ensure its effectiveness in mitigating compliance risk.