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Flashcards in 3 - Risk Management and Control Deck (4)
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1

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

2

FRC guidance on risk management?

Board responsibilities
Exercising boards responsibility
Training
Monitor and review systems

3

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

4

Components of internal control?

Control environment
Risk assessment process
Control activities
Monitoring
Entity level controls