CHAPTER 9: MITIGATION AND CONTROLLING OF RISK

Question 1

What is a risk manager?

Answer 1

A risk manager is not a ‘line’ manager and is not directly responsible for risk management. His role is to provide information, assistance and advice, and to improve risk awareness within the entity and encourage the adoption of sound risk management practice.

Question 2

Define role of a risk manager.

Answer 2

 Helping with the identification of risks
 Establishing ‘tools’ to help with the identification of risks
 Establishing modelling methods for the assessment and measurement of risks
 Collecting risk incident reports (for example, health and safety incident reports)
 Assisting heads of departments and other line managers in the review of reports by the internal auditors
 Preparing regular risk management reports for senior managers or risk committees
 Monitoring ‘best practice’ in risk management and encouraging the adoption of best practice within the entity.

Question 3

What does TARA framework stand for?

Answer 3

 Transferring risk
 Avoiding risk
 Reducing risk
 Accepting risk