Organization risk management is a type of business process management strategy. It aims to identify, understand and prepare for the types of threats, hazards, and other potential deviations from standard operating procedures that may be perceived as risks.
Risk management processes cover four main areas:
To assess threats, risk managers follow the following five steps:
This process is focused on preventive and anti-crisis risk management.
Risk Management Should Distinguish Between The Concepts Of Risk, Threat, And Impact:
Internal control is a mechanism for ensuring the execution of business processes following the requirements that reduce the likelihood and severity of the consequences of risks.
Internal control processes improve the efficiency of business processes in general and, particularly, processes related to reporting and ensuring compliance with regulatory requirements. Large organizations, especially those operating in highly regulated areas, often have extensive internal controls.
Also Read: Business Process Improvement Plan
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