You are the newly appointed head of compliance at a regulated firm operating in a jurisdiction and business sector of your choice (need to be Europe jurisdiction). You have been informed by the executive team that, as a consequence of recent internal restructuring within the firm, all heads of function will now be responsible for risk management in their own area of business.The compliance function overall was rated by the internal audit function as ‘satisfactory’ when last assessed some six months ago.You have been asked to assess the current risk management process within the compliance function (which in this firm also incorporates the money laundering/financial crime prevention teams) and report on your findings in the form of a report for senior management.This report will be used as the basis for further discussions on this topic at an upcoming meeting at which all of the heads of function will be in attendance. This report must include a description of what should be in place at each stage of the risk management process, explaining why this is required and making recommendations for enhancements on the existing process (for the purposes of this assignment question you are free to choose what these enhancements will consist of). The report must also include an explanation of why the approach you are proposing will be effective in the management of risk by the compliance function.