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A compliance risk assessment is a critical tool for organizations, helping to detect, evaluate and prioritize legal and regulatory risks. It directs resources towards the most significant compliance issues, ensuring control measures are robust where needed.

For financial institutions, implementing GRC software is crucial. It safeguards data during transactions, mitigates risks, ensures compliance, streamlines operations, and enhances decision-making. In the digital age, GRC software is vital to preserve trust and integrity.

RegTech, the tech industry's response to intricate regulatory compliance, innovatively fuses financial services, regulations, and technology. It uses AI, machine learning, big data, and cloud computing to automate and optimize regulatory processes.

Enhanced Due Diligence (EDD) is a thorough process in the financial sector, used to manage risks. It examines high-risk clients and transactions for money laundering or terrorist financing. EDD involves scrutinizing backgrounds, relationships and financial activities to assess risk and compliance.

The Payment Services Directive 3 (PSD3) aims to enhance the EU payment services market, balancing consumer protection, competition, and technological advancements. Key changes include improved transparency, better protection for blocked funds, and responsible access to financial data.