Legal compliance is the process whereby businesses, customers, vendors and employees follow internal, state, and central laws and regulations. The purpose of an ongoing legal compliance program is to protect the organization, its key people from exorbitant fines and unwanted litigations.
Objective of Risk Management can be well understood post the COVID-19 pandemic. In the world of finance, risk management refers to the practice of envisaging potential risks in advance, analyzing them and taking precautionary steps to reduce/curb the risk. With an increase in the frequency of catastrophic events, their impacts have become more pervasive. It affects the profitability and cash reserves adversely if controls and strategies are not in place.
As a result, traditional business models and infrastructures have little choice but to adapt. It’s now more vital than ever to reinvent and reassess businesses by using technology, people, and processes to fundamentally change business performance and make your company more resilient.
Nature and scale of Business – Applicable Legal
Services and assessment of Risk
Management’s vision and Business objectives
Internal challenges such as lack of reporting
systems, heavy employee turnovers, liquidity
crunches, taxation, etc.
External Challenges such as business threats,
changes in Industrial Policies, regulatory
requirements
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