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Flashcards in 3 - Risk Management and Control Deck (4)
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What are the 4 risk control strategies?

Risk avoidance - discontinue activity

Risk acceptance - accepted or
unplanned as risk not identified

Risk transfer/sharing - insurance, another party assigned cost

Risk reduction - controls to reduce to acceptable level


FRC guidance on risk management?

Board responsibilities
Exercising boards responsibility
Monitor and review systems


Risk assessment process?

Identify risks
Assess impact of the results
Assess likelihood of risk occurring
Priorities risks, assessing principal risks
Identify whether controls put in place mitigate risks


Components of internal control?

Control environment
Risk assessment process
Control activities
Entity level controls