Following your recent appointment to the position of Chief Compliance Officer of XYZ (company/organization of your choice), you were tasked to lead your team in developing a comprehensive compliance management system (CMS). As part of that assignment, the Risk and Compliance Committee tasked you to undertake an exercise as follows:

1. Develop a comprehensive schedule of the compliance obligations (compliancerequirements and compliance commitments) of the organization.
2. Conduct a risk assessment of the organisation's compliance risks (at least 10 risks from your compliance requirements and 5 from your compliance commitments) and present your results in the form of a risk register.

The committee intends to table the results of your exercise at the next board meeting for appreciation. Recognising that some of the directors missed the board induction, your report on this task should include justification for developing a CMS in general, and for the exercise you would have conducted pursuant to this instruction in particular.

You are therefore required to embark on this exercise as instructed without delay.