Risk assessment helps identify and document critical business processes and the internal controls within each process. Combined with facilitated management meetings, this approach can help gain company-wide consensus by including key process owners in risk and controls analysis.
Business risk is the level of exposure to uncertainties that the enterprise must understand and effectively manage as it achieves its objectives and creates value. It is not just about threats; there is an upside as well as a downside. Risk is not about a single point estimate—time frame is an important factor when evaluating risk, and exposure and uncertainty are important factors.
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