Risk management: Is the process of identifying, assessing, and managing potential threats that could damage the organization’s reputation and earnings. These risks stem from a variety of sources such as legal liabilities, data-related issues, financial uncertainty, and much more. Additionally, risk management involves proposing plans to increase awareness around potential threats and how to avoid them. Essentially, risk management enables organizations to prepare for the unexpected by minimizing issues before they occur.
Compliance refers to the act of conforming to a set of standards, regulations, or requirements. In general, compliance in business involves two crucial components:
Regulatory compliance: the steps an organization takes to comply with applicable external laws, regulations, and guidelines.
Corporate compliance: the actions and security programs an organization implements to ensure compliance with internal policies and procedures, in addition to external regulations.
Both regulatory and corporate compliance is essential to ensure organizations adhere to regulatory requirements and avoid potential federal fines, legal actions, or shutdowns. Source: https://securityscorecard.com/blog/compliance-vs-risk-management.
In LUKRUM HUB, we help organizations conduct assessments to identify different types of organizational risk. … “The compliance risk assessment will help the organization understand the full range of its risk exposure, including the likelihood that a risk event may occur, the reasons it may occur, and the potential severity of its impact.
We cover main business areas such:
Integral Risk Approach. Assets (AH/RA) & Process (PH/RA)
• Strategy & Reputational
• Compliance & Conformance
• Information Assurance
• Operational & Technological (IT/IoT/OT)
• Intelligent Supply Chain Security:
• CTPAT – AEO/OEA – PIP (Canada)
• SAFE Framework
• FOOD Safety:
• FDA/FSMA – ISO 22000 – USDA
• ISO 31000 – NIST- ISPM – ISO 22000
• Anti-money Laundering/Counter-Terrorism FATF – FinCen/OFAC (DoT) – CFAT
• Sanitary & Phytosanitary risk Management (ISPM)
Supply Chain Security (SCS)
Programs Supported
LUKRUM HUB Provides Compliance program assestment over government program such:
• ISO 28000 Supply Chain Security Family
• Organic Foods ISO/TS 19657-CFR
C-TPAT (US)
• Custom Trade Partnership Against Terrorism US Customs and Border Protection (CBP) joint government business SCS initiative.
• Maritime Transportation Security Act (MTSA) adopts IMO/ISPS
AEO/OEA (EU/WCO)
• Authorized Economic Operators
• European Union & World Customs Organization SCS Program
Global Safe Framework
• World Custom Organization (WCO) Trade Security Program
• International Ship and Port Facility Security Code (ISPS Code)
• International Maritime Organization (IMO)