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Risk Governance, Azzelya Bara M.S. (1906285900) - Coggle Diagram
Risk Governance
Definition
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Risk Governance applies the principles of governance to the identification, assessment, management, evaluation and communication of risk in the context of plural values and distributed authority.
It Includes all important actors involved, considering their rules, conventions, and processes.
Framework
Pre-Assessment
Pre-Assessment = (1) Problem Framing, (2) Early Warning, (3) Screening, (4) Determination of Scientific Conventions.
Appraisal
Risk Assessment = (1) Hazard Identification, (2) Exposure and Vulnerability Assessment, (3) Risk Characterisation.
Concern Assessment = (1) Risk Perceptions, (2) Social Concerns, (3) Socio-Economic Impacts.
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Management
Decision-Making = (1) Option Identification and Generation, (2) Option Assessment, (3) Option Evaluation and Selection.
Implementation = (1) Option Realization, (2) Monitoring and Control, (3) Feedback From Risk Management Practice.
Cross-Cutting Aspects = Communication, Stakeholder Engagement, Context.
Structure & Roles
The Board as a Whole
Has ultimate responsibility for risk management and internal for ensuring that appropriate culture has been embedded through out the organization.
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Audit Committee
Because the AC already oversees risks related to the integrity of the financial statement, it is in a good position to have oversight of most of the company's risk.
To review the company's internal financial controls and, unless expressly addressed by a separate board risk committee composed of independent director, or by the board itself, to review the company's internal control and risk management systems.
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Board's Risk Committee
Where the Board decides to set up a separate Board Risk Committee to assist in its oversight of risk management, the following should be considered: (1) Independence, (2) Diversity of Background.
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