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3 Risk frameworks - Coggle Diagram

- - - - Record risks and give them ranking
      - Risk classification systems are an important way to measure risks
      - Risk treatment, by implementing control activities to modify the risk
      - Monitoring and review allow for a feedback mechanism for risk managment
        
        Risk management is the central idea for any strategic management in a company
    - - responding to significant risks
      - resourcing controls
      - reaction planning
      - reporting and monitoring risk performance
      - ranking or evaluation of risks
      - recognition or identification of risks
      - reviewing the risk management
        framework
    - - Description of the risk aware culture or control environment
      - Statement of the attitude of the organisation to risk (risk strategy)
      - Risk management and internal control objectives (governance)
      - Level and nature of risk that is acceptable (risk appetite)
      - Risk management organisation and arrangements (risk architecture)
- - - - Always include risk in decision making
      - The company must always align itself with its risk apetitie
        
        Setting a direction on how to manage and take risk is important
      - Disclosure of risk is important
      - Continuous internal and independent assurance that risk management is effective
      - Policies should be implemented in accordance with the direction of risk