This chapter defines the core senior management roles within a firm that relates to governance, risk management, and regulatory compliance. The chapter shows how firms can identify and assess compliance risks using practical tools that prioritize likelihood and impact projections across threats, including data breaches, insider trading, and control failures. A three-layered mitigation toolkit that includes preventive, detective, and corrective concepts is presented with case examples to illustrate the financial, legal, and reputational risk firms face when risk mitigation strategies fail. The chapter then details Enterprise Risk Management (ERM) concepts. The chapter also introduces regulatory issues related to cybersecurity, AI governance/biases, ESG disclosures, and cross-border harmonization. The chapter then presents frameworks like ISO 31000 as guidelines to improve compliance actions. The chapter concludes by showing how strengthening a firm’s risk culture and tone at the top can build resilient, client-centric advisory practices.