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ELEMENT OF ICS (ENTITY RISK ASSSESSMENT FRAMEWORK (RISK QUALIFICATION…
ELEMENT OF ICS
ENTITY RISK ASSSESSMENT FRAMEWORK
RISK IDENTIFICATION
UNFAMILIAR RISK
FAMILIAR RISK
E.G. PHYSICAL INSPECTION, ENQUIRIES, QUESTION
RISK ANALYSIS
SIMPLE ANLYSIS
MAKE LIST OF POSSIBLE LOSSES
RISK PROFILING/RISK PRIORITIZATION
RISK QUALIFICATION IMPACT
(MAGNITUDE OF RISK)
HIGHEST POSSIBLE LOSSES
LOWEST POSSIBLE LOSSES
IMPACT OF LOSS
AVERAGE LOSSES
FREQUENCY OF LOSS
RISK CONSOLIDATION
CONSOLIDATE DEPARTMENT WISE RISK
METHOD TO REDUCE RISK
AVOIDENCE
REDUCTION
TRANSFER (OUTSOURCE)
ACCEPTANCE
CONTROL ENVIRONMENT
GOVERNANCE
ATTITUDE
AWARENESS
ACTIONS
MANAGEMENT AND GOVERNANCE
INTERNAL CONTROL SYSTEM
MONITORING OF CONTROL
ASSESS EFFECTIVENESS OF INTERNAL CONTROL OVER TIME
TAKING NESESSARY ACTION TO MODIFY CONTROL
CONTROL ACTIVITIES
POLICIES AND PROCEDURES TO HELP ENSURE MANAGEMENT DIRECTIVES ARE CARRIED OUT
INFORMATION SYSTEM
PROPER FLOW OF INFORMATION FOR GOOD INTERNAL CONTROL SYSTEM