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Risk frameworks - Coggle Diagram
Risk frameworks
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King IV
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Recommended practices
governing body must assume responsibility for risk governance by setting direction for how risk should be approached and addressed
Risk: "Risk is about the uncertainty of events;
including the likelihood of such events occurring &
their effect, both positive and negative, on the
achievement of the organisation's objectives. Risk
includes uncertain events with a potential positive
effect on the organisation (i.e. opportunities) not
being captured or not materialising"
The governing body ought to govern risk in a way that supports the organisation in setting & achieving its strategic objectives
Assessment of firm's dependence on resources and
relationships as represented by various forms of capital
Oversee an assessment of risks and opportunities emanating from triple context in which firm operates and capitals that firm uses and affects
Assessment of firm's dependence on resources and
relationships as represented by various forms of capital
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Nature and extent of risk and opportunities the firm is willing to take ought to be disclosed without comprising sensitive information
Organisation: a company, retirement fund, NPO, SOE, municipality, municipal entity, trust, voluntary association & any other juristic person
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Nature and extent of risk and opportunities the firm is willing to take ought to be disclosed without comprising sensitive information
COSO ERM
Governance and Culture
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Attracts, developes,and retains capable individuals
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Information, communication, and reporting
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