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RISK & CONTROL - Coggle Diagram
RISK & CONTROL
Risk control Implication
Organisational Deisgn of Business
Strategy of business
Key business objectives
Assignments of responsibilities to all elements
Establishing ERM Organisation
Determine Risk Philospohy
Survey Risk CUlture
Organisational integrity
Decide roles & Responsibilities
Risk Assesment
Risk Appetite
Amount of risk willing to accept
consider quality & quantity
Risk Repsonses
Risk Management
Control risk exposure
ERM
Goals = objectives
IINherent Risk = Events
Residual Risk = Responses
Risk Measurement
RIsk Map
COmmuncaiton risk
Monitoring
Oversignt & Periodic review
RISK
an possible impact on objectives
posing threat to an opporunity and organisation
Measure by impact and likelihood
Jargons
Inherent Risk
Residual Risk
Risk Categories
Risk Event
Impact
Likelihood
Speed of onest
Materiality
Risk Tolrance
External Risk
Economic
Environment
Political
Social
Technological
Legal
Internal Risk
Infrastructure
Personnel
Process
Technology
Limitations
Judgement Errors
Management Overide
Redundant
NEgative attitude
USeless controls
overeliance on controls
LEgitimate roles
Facilitate and evaluate risks
Coordinate ERM
COnsolidate Risk Reporting
Monitor the develop ERM Framework
Develop Strategy
IA ROles
Assurance on process
assuracne risk is valuated correctly
evaluate risk maangement process
reporting key risks
Should not
Set risk appetite
Risk management decisions
MAnage assurance
be accountable
Types of risk
Financial
Strategic
Operational