Portia's Ports, a seller of fine wine and spirits, is considering going public, which means the company will offer common stock to be purchased by the public. This will make Portia's Ports a publicly traded company. In preparation for its initial public offering (IPO), management, led by the ERM team, is reviewing regulatory requirements for publicly traded companies and considering the current internal control environment. The ERM team has identified the following risk statement related to going public: The highly regulated environment of a publicly traded company creates regulatory risk that may result in fines or reputational damage. Portia's Ports already has an entity-level control environment, a risk management approach, an internal audit department that assesses control activities, and continuous monitoring for both KPIs and fraud risk. Do you think Portia's Ports is well prepared to go public? What framework could the ERM Team use to assess the company's readiness?