The goal is to reduce possible any negative effects while retaining positive outcomes. Through a strategic approach, you can assess the risks you face and reduce them to preferred levels.
Inherent Risk, Control Risk and Detection Risk
An organization establishes a system of internal control to help it manage many of the risks it faces, such risks are classified as follows:- * Inherent Risk * Control Risk * Detection Risk Establishing an internal control is the responsibility of the management, the elements (components) of internal control framework are the following:- * Control environment * Risk Assessment * Control Activities * Information & Communication * Monitoring
Control environment, risk assessment, control activities (procedures), communication, and monitoring
With the aggravation of credit risk, the company is more prone to market frailty and may incur loss in absence of effective control of finance.
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The best level of risk for the total mission.
The best level of risk for the total mission.
Determine whether the benefits of the mission outweigh the reduced level of risk.
Determine whether the benefits of the mission outweigh the reduced level of risk.
Understand the situation the risk refers
can the managers avoid making decisions
In composite risk management, the purpose of developing controls and making decisions is so you can reduce or even eliminate the problem. This must be done as quickly as possible and the decisions need to be made known to the entire team.
Make risk control decisions and implement control measures
Make risk control decisions and implement control measures
The purpose for developing controls and making risk decisions is to determine whether the risk is reduced enough that the benefits outweigh the risk of loss .
five steps of the deliberate risk management process
Identify the hazards Analyze risk control measures Assess risk levels Make risk decisions Plan risk avoidance