Flashcards in 3 - Risk Management and Control Deck (4)
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?
Exercising boards responsibility
Monitor and review systems
Risk assessment process?
Assess impact of the results
Assess likelihood of risk occurring
Priorities risks, assessing principal risks
Identify whether controls put in place mitigate risks