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Government bodies and industries have expanded regulatory compliance rules that examine companies` risk management policies since the early 2000s. As a result, an ever-growing number of industries require boards of directors to review and report on the effectiveness of enterprise risk management processes. This focus on risk management has made it one of the major components of overall business strategy. Universities now offer undergraduate and advanced degrees in risk management in various fields. Many organizations employ regulatory compliance officers to ensure that they conform to legal standards.
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