Which framework is commonly used for managing risk in compliance?

The ISO 31000 framework is widely recognized for its comprehensive approach to risk management, especially in the realm of compliance. This standard provides guidelines and principles for creating a robust risk management system that can effectively identify, assess, and mitigate risks across various sectors. Its structured methodology is designed to help organizations embed risk management into their processes, ensuring that it aligns with their objectives and enhances decision-making.

ISO 31000 emphasizes the importance of integrating risk management into organizational governance, which is essential for compliance purposes. Compliance involves adhering to laws, regulations, and standards, and ISO 31000 supports this by offering a systematic approach that allows organizations to proactively manage compliance-related risks.

By implementing ISO 31000, organizations can establish a risk-aware culture, which is critical for maintaining compliance and responding effectively to regulatory changes and risks. This framework is adaptable to different contexts, making it a valuable tool for organizations striving to ensure that they meet compliance requirements while managing associated risks effectively.