Risk Management & Internal Control
Risk Management & Internal Control
Management
& Internal
Control
JAN 16, 2021
Outline
- What is Risk?
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ss
02
01tify 3
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Id R
n is k 0 o ntr o l
C sk
Ri
04
Re ntro
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vie ls
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What is Risk Management?
Why is Risk Management Important?
Enterprise Risk Management
- economic uncertainties threatens the organization’s ability to meet their
objectives
- uncertainties can be both a threat and an opportunity
2. Compliance Risk
6. Operational Risk
7. Competition Risk
Measures
to Mitigate Risk
1. Avoid
2. Transfer
3. Accept
4. Limit/Control
Ethics in Risk Management
We make ourselves powerless when we choose not to know. But we give ourselves hope when we
insist in looking. (. . .) As all wisdom does, seeing starts with simple questions: What could I
know, should I know, that I don’t know? Just what am I missing here? (Heffernan, 2011, p.247)
Ethics plays a big role in deciding on whether to remain ignorant or seek answers/understand
uncertainties. Risk leadership focuses on relationships with stakeholders and helping them to
understand uncertainty. We faced ethical dilemmas when values conflict or we cannot apply an
overriding and shared ethical framework.