An enterprise has entered into a new market which brings additional regulatory compliance requirements. What should be done FIRST to address these requirements?

Outsourcing the compliance process might be a solution, but it cannot be done effectively until the specific requirements and associated risks are understood.

Appointing a compliance officer is important, but this role needs to be informed by a clear understanding of the compliance landscape and the risks involved, which comes from updating the risk profile.

Updating the organization's risk profile is the essential first step because it allows the enterprise to identify, assess, and prioritize the new compliance risks introduced by the market entry. Understanding the nature and potential impact of these risks is crucial before deciding on specific actions or resource allocations to address them.

Executive management monitoring compliance is an ongoing governance activity, but it must be based on an initial assessment of what needs to be monitored and why, derived from the risk profile.