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SU4. RISK MANAGEMENT (4.1. RISK MANAGEMENT PROCESSES (RISK MANAGEMENT…
SU4. RISK MANAGEMENT
4.1. RISK MANAGEMENT PROCESSES
RISK: possibility of event..impact achievement of objectives
RISK MANAGEMENT: identify, assess, manage, control potential events/situations to provide REASONABLE ASSURANCE regarding achievement of objectives
IA activity: evaluate effectiveness & contribute to improvement of RM process
RISK MANAGEMENT PROCESS
Identification of context
Risk identification
Perform at every level of entity
Identified context: internal & external
Consider past events & future possibilities
Event inventories
Questionaires and surveys
Leading event indicators & escalation triggers
Facilated workshops & interviews
Process flow analysis
Loss event data methodologies
Risk assessment & prioritization
Risk Response
Risk Monitoring
RESPONSIBILITIES OF ORGANIZATIONAL RM
Key responsiblilities
Boards: oversight functions
Management: ensures sound RM processes are functioning
IA: examine, evaluate, report, recommend improvements
SM & Board determine IA activity's role in RM based on:
organizational culture
abilities of IA staff
local conditions & customs
IA'S ROLE IN RM
4.2. COSO FRAMEWORK - ERM
4.3. ISO 31000 RISK MANAGEMENT FRAMEWORK