CRISC · Question #95
Which of the following is the MOST important step to ensure regulatory requirements are adequately addressed within an organization?
The correct answer is B. Develop a policy framework that addresses regulatory requirements. The most important initial step to adequately address regulatory requirements is to establish a comprehensive policy framework. This framework translates external regulations into internal, actionable policies that govern organizational behavior and controls.
Question
Which of the following is the MOST important step to ensure regulatory requirements are adequately addressed within an organization?
Options
- AObtain necessary resources to address regulatory requirements
- BDevelop a policy framework that addresses regulatory requirements
- CPerform a gap analysis against regulatory requirements.
- DEmploy IT solutions that meet regulatory requirements.
How the community answered
(68 responses)- A3% (2)
- B88% (60)
- C7% (5)
- D1% (1)
Why each option
The most important initial step to adequately address regulatory requirements is to establish a comprehensive policy framework. This framework translates external regulations into internal, actionable policies that govern organizational behavior and controls.
Obtaining necessary resources is crucial for implementation, but without a guiding policy framework, resources might be misdirected or inefficiently utilized in addressing regulatory requirements.
A policy framework provides the foundational structure for embedding regulatory requirements into an organization's operations. It translates external legal and regulatory obligations into internal, actionable policies, standards, and procedures, ensuring a systematic and consistent approach to compliance across the organization. Without clear policies, even resources or solutions may not be effectively directed.
Performing a gap analysis is an assessment activity to identify current shortcomings against requirements, but it relies on an understanding of what "adequate" means, which is established by a policy framework.
Employing IT solutions is a tactical implementation step; these solutions must be guided by a clear policy framework to ensure they effectively meet specific regulatory requirements.
Concept tested: Regulatory compliance foundational steps
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