A recession is a period of economic decline, characterized by reduced consumer and business spending, lower income and profits, higher unemployment and inflation, and tighter credit conditions. The unofficial definition of a recession is two consecutive quarters of negative GDP. A recession can have a significant impact on various industries and sectors, including the risk and compliance industries.

The risk and compliance industries are composed of professionals who help organizations comply with various laws, regulations, standards, and best practices, as well as manage and mitigate various risks, such as financial, operational, legal, reputational, and strategic risks. Risk and Compliance professionals can work in different roles, such as compliance officers, compliance consultants, chief compliance officers, risk managers, risk analysts, auditors, and regulators.