An enterprise has entered into a new market which brings additional regulatory compliance requirements.
To address these new requirements, the enterprise should FIRST:
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A. B. C. D.B.
When an enterprise enters a new market, it needs to comply with the regulations that apply to that market. To address these new compliance requirements, the enterprise should first update its risk profile.
The risk profile is an assessment of the risks that an organization faces, including compliance risks. By updating the risk profile, the organization can identify the specific risks associated with the new market and develop strategies to manage those risks.
Having executive management monitor compliance is a good practice, but it is not the first step. Before monitoring compliance, the organization needs to understand the compliance risks and develop a plan to manage those risks.
Outsourcing the compliance process may be an option, but it is not necessarily the first step. Before outsourcing, the organization should understand the compliance risks and develop a plan to manage those risks.
Appointing a compliance officer may also be an option, but it is not necessarily the first step. Before appointing a compliance officer, the organization should understand the compliance risks and develop a plan to manage those risks.
In summary, the first step the enterprise should take to address the new regulatory compliance requirements is to update its risk profile to identify the specific compliance risks associated with the new market and develop a plan to manage those risks.