Chapter 16 Flashcards
1
Q
Process of embedding risk
A
Identify current controls
Monitor to ensure they work
Improve as required
Document how controls are tested
2
Q
Risk mapping - TARA
A
Low impact high probability - reduce
Low impact low probability - accept
High impact high probability - avoid
High impact low probability - transfer
3
Q
Diversifying risk
A
Backward integration - materials supplier
Horizontal - competitor
Forward - distribution outlet
Diversification - beyond present industry
4
Q
Internal risk audit
A
Identify risks
Assess risks
Review controls
Report of inadequate controls
