When developing a compliance program, which of the following actions should be prioritized after risk assessment?

Prioritizing risks is a critical step after completing a risk assessment in the development of a compliance program. This action allows an organization to focus its resources and efforts on the areas that pose the greatest risk to compliance and the overall business. By identifying and ranking the risks according to their impact and likelihood, the organization can ensure that it addresses the most pressing compliance issues first, which is vital for effective compliance management.

When risks are prioritized, it helps in designing targeted strategies and interventions, which can lead to more efficient use of resources and a stronger overall compliance posture. This approach establishes a clear roadmap for the compliance program, setting the stage for subsequent actions such as conducting audits, reviewing previous policies, and training employees.

While conducting audits, reviewing policies, and training employees are all important components of a compliance program, they are typically more effective and relevant when they are informed by a clear understanding of prioritized risks. This strategic sequence enhances the ability of the compliance program to mitigate significant risks and ensures that the organization remains compliant with applicable regulations and standards.