Risk Management

Risk control techniques. Internal control may be defined as the process designed, put in place, and maintained to assure a reasonable level.

The 4Ts. Organizations are subject to several types of risks, for which decisions on risk retention and transfer must be made.

What is risk identification? Organizations must first identify the sources of the risks, which includes identifying potential sources of information.

Monitoring and review. The organization reviews risk management activities and procedures in a variety of ways.

Risk formula definition. Mathematically, risk is a multiple of likelihood and impact. It is the likelihood of a breach happening.

Impact of risk on organizations. Commonly, organizations focus on those risks that may result in a negative outcome, such as damage from a fire.