Explain the process of Compliance Risk Mitigation indicating various risks of non-compliance.

Compliance Risk Mitigation is the process of developing and implementing controls such as standards, policies, procedures and guidelines to minimise or mitigate risks arising from compliance obligations. From time to time, the company may issue a policy that must be implemented at the local level. If a corporate policy does not encompass local obligations of any unit of the company, a local policy to facilitate the effective management of the identified compliance risk must be developed. Framework components, policies and procedures must be developed and communicated and should be placed on the prominent places in the organization, so employees understand their obligations (e.g., how to make a whistle blower report, complaints handling process, gifts, entertainment and anti-bribery procedures, etc.). All documentation must be easily accessible to employees. Maintenance of the supporting material documents can be in the form of a manual, handbook or other physical or electronic means. Various Risks of Non-compliance The risks of non-compliance of the law are many which include the following: Cessation of business activities. Civil action by the authorities. Punitive action resulting in fines against the company/officials. Imprisonment of the errant officials. Public embarrassment. Damage to the reputation of the company and its employees. Attachment of bank accounts.