Category: Risk

Risk Assessment

Conducting a Risk Assessment

Conducting a Risk Assessment Once you have gathered the data and set the scope for a risk assessment project, the process moves on to conducting the risk assessment itself. Risk assessment serves many purposes for an organization, including reducing operational risks, improving safety performance, and achieving objectives. While many individuals are involved in the process and many factors come […]

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Risk management standards

Risk Management standards / ISO 31000

Risk Management standards and examples Since the early 2000s, several industries and government bodies have expanded regulatory compliance rules that scrutinize companies’ risk management plans, policies, and procedures. In an increasing number of industries, boards of directors are required to review and report on the adequacy of enterprise risk management processes. As a result, risk analysis, internal audits, […]

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Risk management process

Risk Management Process

Risk Management Process In the Risk management approaches, after the companies, specific risks are identified and the risk management process has been implemented, there are several different strategies companies can take in regard to different types of risk: Risk avoidance. While the complete elimination of all risk is rarely possible, a risk avoidance strategy is […]

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Risk management process

Risk Management Process & Strategies

Risk Management Process & Strategies All risk management process plans follow the same steps that combine to make up the overall risk management process: Establish context. Understand the circumstances in which the rest of the process will take place. We must also set standards that we will use to assess risks and define the structure […]

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Risk management

The Importance of Risk Management

What is Risk Management and Why is it Important? Risk management is the process of identifying, assessing, and controlling threats to an organization’s capital and earnings. So These threats, or risks, could stem from a wide variety of sources, including financial uncertainty, legal liabilities, strategic management errors, accidents, and natural disasters. So IT security threats […]

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Risk Treatment

Risk Treatment

Treatment of the Risk You must eliminate or contain every danger as soon as possible. So It is important that ‎responses are appropriate to the significance of the risk treatment, cost-effective in meeting the ‎challenge, realistic within the project context, agreed upon by all parties involved, and ‎owned by a responsible person.‎ Dealing with Threats […]

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Risk Matrix

Risk Matrix

What is a Risk Matrix A risk matrix is probably the inter-industry safety standard for the tool used in risk evaluation. In aviation SMS programs are ubiquitous. They use “probability” and “severity” to quantify the scope of a real or hypothetical safety scenario. The quantification is generally broken into 3 categories: Acceptable risk (green); Unacceptable […]

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Managing Fraud Risk

Managing Fraud Risk

According to Managing Fraud Risk: A Practical Guide, “personnel at all levels of the organization—including every level of management, staff, and internal auditors, as well as the organization’s external auditors—have responsibility for dealing with fraud risk.” While everyone within the organization has the duty to help fight fraud, the practical implementation of fraud risk management […]

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Fraud Risk Assessment

Fraud Risk Assessment

Fraud Risk Assessment Properly preparing the company for the fraud risk assessment is critical to the assessment’s success. The culture of the organization should influence the approach used in the fraud risk assessment preparation. The goals of the preparation should be to: Assemble the right team to lead and conduct the fraud risk assessment. Determine […]

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Reporting Risk Management

Reporting Risk Management

Reporting Risk Management Reporting risk management must review and report it for two reasons: To monitor whether or not the risk profile is changing. To gain assurance that risk management is effective, and to identify when further action is necessary. Reporting Risk Management Processes should be put in place to review whether risks still exist. […]

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