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Policies and procedures - Coggle Diagram
Policies and procedures
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Often the board is involved in approving policies and leaves it to management to design, implement and maintain procedures
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Risk policy and manual
A risk policy is a statement, approved by the board, of the extent and kind of risks an organisation is willing to take in pursuit of its objectives
A riks management manual sets out how risk will be managed within the organisation - in some organisations this manual is also approved by the board
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Monitoring and review
What are the processes by which senior management monitor the effective application of the systems of risk management and internal control?
In what way do monitoring and review processes take into account an organisation's ability to re-evalaute the risks and adjusts the controls effectively in response to changes in its objectives, its business and its external environment?
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