RISK IDENTIFICATION LESSON 1 Flashcards
integral part of all the organizational activities
Integrated
contributes to
consistent and comparable results
Structured and Comprehensive
proportionate to the external and internal context related to its objectives.
Customized
appropriate and timely involvement of stakeholders enables their knowledge
Inclusive
be able to responds to different changes in appropriate and timely manner
Dynamic
be able to responds to different changes in appropriate and timely manner
Dynamic
always based on historical, relevant, and current information
Best Available Information
always based on historical, relevant, and current information
Best Available Information
human behavior and culture significantly influence all aspects
Human and Cultural Factors
human behavior and culture significantly influence all aspects
Human and Cultural Factors
continually improved through learning and experience.
Continual improvement
In risk identification, the following factors and the relationship between these factors should be considered
•Tangible and intangible sources of risk
▪ Causes and events
▪ Threats and opportunities
▪ Vulnerabilities and capabilities
▪ Changes in the internal and external content
▪ Indicators of emerging risks
▪ The nature and value of assets and resources
▪ Consequences and their impact on objectives
▪ Limitations of knowledge and reliability of
information
As the name suggests,
it involves government-
mandated licenses and business permits and
requirement
Compliance Risk
These are the risk that
can prevent and deter
the achievement of
company’s goals,
missions, objective.
Hazard Risk
These are risks that can
cause uncertainty or doubt about the ability
to achieve company’s
goals, missions and
objectives.
Control Risk
