Leadership + Risk

Question 1

The culture web

Answer 1

Associated with the organisation assumptions

1. Symbols and titles
2. myths and stories
3. rituals and routines
4. power relations
5. organisational structure
6. control systems

Question 2

How is culture determined?

Answer 2

Value, attutiude, norm an expecations

Question 3

Risk management what are the steps?

Answer 3

1. identify risk
2. level of risk acceptable - likely = impact on the business / consequence = cost vs benefit

Question 4

COSO System what is the purpose?

Answer 4

To show how a company should manage risk

Question 5

COSO System 5 steps

Answer 5

1. Risk identify
2. risk assessment - acceptable of risk
3. risk response - impact of risk
4. transfer, avoid, reduce or reject - likelyhood/probability
5. ALARP - get the risk as low as possiby can