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Potential risks to clients can include financial loss, data breaches, physical harm, or any other negative impact on a client's well-being.
Service providers, financial institutions, and any other organization that holds sensitive information about clients are required to file potential risks to clients.
Potential risks to clients should be documented thoroughly, including the type of risk, potential impact, likelihood of occurrence, and any mitigation strategies.
The purpose of potential risks to clients is to ensure that organizations are proactive in identifying and addressing any risks that could negatively impact their clients.
Information such as the nature of the risk, potential impact on clients, steps taken to mitigate the risk, and any previous incidents related to the risk must be reported on potential risks to clients.
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