Business Risk Management Plan

Business Risk Management Plan-47
is responsible for directing development of the risk management plan, conducting risk assessment and for identifying the most appropriate method(s) of managing financial risk (also see AC1020 RISK ASSESSMENT), and reporting to the CEO and CFO .

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For example, for financial statements a methodical risk assessment approach could be to identify inputs to your financial statements, and then work backwards to consider input sources, processes, etc.; listing possible reasons for incorrect information.

It also might be useful to consider typical categories of risk such as system/process problems or weaknesses, human error, and fraud.

Using risk management techniques is an important component in creating the internal control required for compliance with Sarbanes-Oxley (SOX) Section 404.

Risk management includes all the activities associated with identifying and reducing risk, as well as coping with negative events should they occur.

A small organization might only be able to set a goal of attending to the top three or top six risks in the first pass.

Now that you have identified the most important risks to manage, the next step is to identify the best way to mitigate them.How many risks are addressed at one time depends on the size and capability of the organization.A large organization with lots of resources might focus risk management on the top 12 or 15.Clearly identifying and articulating the mission makes recognizing the risks to mission success much easier and much more effective.In terms of Sarbanes-Oxley and SOX Section 404 – understanding the mission is easy.Then average them and plot them as R1, R2, R3, etc;, as they are plotted on Figure 1.Obviously, after plotting risks, those with highest probability of occurrence and the highest potential impact (or in terms of financial statements ” materiality) should be addressed first.Once in place, processes should be monitored by regularly verifying that process checks are functional and that process metrics demonstrate effectiveness. Once these processes are fully operational and demonstrated effective, it is time for Step 6: repeat the risk assessment / risk management process in order to address the next level of risks. Die von Ihnen gewünschte Seite ist nicht verfügbar.Bitte überprüfen Sie die Eingabe der gewünschten Adresse auf ihre Richtigkeit.Gerne können Sie auch zur vorherigen Seite zurückkehren oder die Homepage von American Express Österreich besuchen, um fortzufahren.

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    The CEO Chief Executive Officer and CFO Chief Financial Officer are responsible for reviewing and approving the Risk Management Plan. Risk Management Definitions Risk appetite – Amount of capital an individual or organization is willing to lose in order to generate a potential profit.…

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