True or False: The 2023 OIG CPG added the function of "Risk Assessment" to elevate the compliance program effectively.

The statement is true because the 2023 Office of Inspector General (OIG) Compliance Program Guidance (CPG) indeed emphasizes the function of "Risk Assessment" as a critical component for enhancing the effectiveness of compliance programs. Risk assessments are essential for identifying and prioritizing potential compliance risks that an organization may face. By incorporating risk assessments, organizations are better equipped to allocate resources effectively, implement targeted compliance strategies, and develop a proactive approach to compliance management.

This addition reflects a broader trend towards a more dynamic and adaptable compliance framework, as risk assessments allow organizations to continuously evaluate their compliance environment in response to changing regulations, operational challenges, or industry-specific risks. Thus, highlighting this function in the updated guidance underscores its importance in elevating the overall compliance program and ensuring its alignment with best practices for managing compliance risks.