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Framework for Identification of Compliance Issues and Compliance Risks
Define compliance risk per BCBS 2005 and RBI adoption.
Risk of legal/regulatory sanctions, material financial loss, and reputational damage from non-compliance.
Name three loss heads arising from single compliance failure.
Legal/regulatory sanctions, material financial loss, reputational loss.
What is inherent risk in compliance context?
Risk absent any security controls; function of threats and vulnerabilities.
Define residual risk.
Probability of loss remaining after security measures implemented; function of inherent and control risk.
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