Write short notes on: Factors to be kept in mind for planning to mitigate compliance risk.

To put in place a system or plan for mitigation of compliance risks an organization needs to keep in mind the following factors: What kinds of compliance failures would create significant brand risk or reputational damage? Could the failures arise internally, in the supply chain, or with regard to third parties operating on the organization's behalf? What is the likely impact of that damage on the organization's market value, sales, profit, customer loyalty, or ability to operate? What kinds of compliance missteps could cause the organization to lose the ability to sell or deliver products/services for a period of time? How should the compliance program design, technology, processes, and resource requirements change in light of growth plans, acquisitions, or product/category/ service expansions? Is the organization doing enough to inform customers, investors, third parties, and other stakeholders about its vision and values? Is it making the most of ethics, compliance, and risk management investments as potential competitive differentiators? What are the total compliance costs beyond salaries and benefits at the centralized level—and how are costs aligned with the most significant compliance risks that could impact the brand or result in significant fines, penalties, and/or litigation? How well-positioned is the compliance function? Does it have a seat "at the table" in assessing and influencing strategic decisions? What are the personal and professional exposures of executive management and the board of directors with respect to compliance?