What is the role of compliance in relation to the Enhanced Risk Assessment (EWRA)?

The role of compliance in relation to the Enhanced Risk Assessment (EWRA) involves performing an audit of the EWRA to independently validate it. This is a crucial aspect of ensuring that the risk assessment process is both reliable and effective. By conducting an independent audit, compliance can provide assurance that the methodologies used in the EWRA are appropriate and that the identified risks are accurately assessed. This oversight helps maintain the integrity of the risk management process, ensuring that the organization’s compliance with regulatory requirements is upheld and that any risks are effectively mitigated.

The validation performed by compliance assists in identifying any gaps or deficiencies in the EWRA that may need addressing, thereby enhancing the organization's overall risk management framework. This independent oversight ensures that the findings and conclusions of the EWRA are based on sound practices and methodologies, ultimately contributing to a stronger compliance environment.