Templates
Compliance risk assessment template

Compliance risk assessment template

This template guides your team to record, evaluate, and track compliance risks in line with regulatory and internal policy requirements.

Use this template
or download pdf
Compliance risk assessment template

This template guides your team to record, evaluate, and track compliance risks in line with regulatory and internal policy requirements.

Use this template
or download pdf

When you need to proactively manage compliance threats across departments, this template provides a solution for capturing and managing regulatory and policy risks. The compliance risk assessment template covers regulatory, legal, and internal policy risks. It supports you in documenting vulnerabilities, assigning responsibilities, and demonstrating due diligence to auditors and stakeholders.

Regulatory breaches are on the rise, with the Association of Certified Fraud Examiners reporting that organizations lose 5% of revenue each year to fraud and compliance failures. If you also need to address vendor, cyber security, or environmental risks, you can easily download our related templates for a more tailored approach.

Related categories

Preview of the template
Page 1
Organizational Overview
What is the legal structure of the organization?
In which industry does the organization operate?
How many employees does the organization have?
What are the key business activities and services provided?
Regulatory Landscape
What are the primary laws and regulations the organization must comply with?
Has the organization faced any regulatory fines or penalties in the past 3 years?
If yes, provide details on the violation and corrective actions taken.
Control Environment
Does the organization have a dedicated compliance function?
If yes, how many employees are in the compliance team?
Does the organization have a formal Code of Conduct?
Does the organization provide regular compliance training to employees?
Does the organization have a whistleblower hotline?
Risk Assessment
What are the top 3 compliance risks facing the organization?
What is the potential impact of these risks?
What is the likelihood of these risks occurring?
Monitoring & Testing
Does the organization have a formal compliance monitoring program?
If yes, how frequently are compliance audits/reviews conducted?
What types of compliance testing are performed?
Are the results of compliance monitoring shared with senior management?
Corrective Action
Does the organization have a formal process to remediate compliance issues?
Provide an overview of the organization's compliance remediation process.

Frequently asked questions

What are common challenges in conducting compliance risk assessments?

Many companies struggle with keeping up with evolving regulations, ensuring consistency across teams, and gathering reliable data. Lack of clear processes and poor documentation can also hinder effective risk management.

Where do most compliance risks typically arise within organizations?

Common sources include gaps in employee training, complex supply chains, changes in laws, and inadequate data protection measures. Operations that cross borders or rely on third-party vendors are especially vulnerable to compliance issues.

What steps can help ensure compliance risk assessments are effective?

It’s critical to define clear roles and responsibilities, use reliable data sources, involve relevant departments, and maintain thorough documentation. Conduct reviews and track actions as well to address risks before they become costly problems.

What should you do if a compliance risk assessment uncovers significant gaps?

Prioritize risks by severity, assign corrective tasks to responsible parties, and set deadlines for action. Document your mitigation plans and follow up regularly until gaps are resolved.

This template, developed by Lumiform employees, serves as a starting point for businesses using the Lumiform platform and is intended as a hypothetical example only. It does not replace professional advice. Companies should consult qualified professionals to assess the suitability and legality of using this template in their specific workplace or jurisdiction. Lumiform is not liable for any errors or omissions in this template or for any actions taken based on its content.