termines that how can be respond to the risk, reviewing and impact, evaluating costs and benefits and selecting options within the entity, s risk tolerance. Management should keep trying to avoid the risk if there are other alternatives in front of company. By doing that the risk management we can find out what is good for the company. If the risk occurs the specific actions should taken by the management to reduce the risk level. Reducing risk by sharing the impact of the risk can be beneficial for the organisation. If the organisation will accept the risk without doing anything then the results can be dangers.
It is easy to analyse the cost side in spite of benefit side. Management should first find the risks in each division or in each business unit. A view of risk can be depicted in several ways focusing on major risks and event categories across divisions. If the risk is in the program unit can be tolerated but it depends of the level of the risk.
F. Control activities- there is a major role of effectiveness and efficiency in control activities. Control activities should be tested to ensure that there is not material weakness or difficulties. Management also should ensure that control activities are carried out in a timely manner. Internal auditor can also support management by providing assurance on the effectiveness and efficiency of control activities. In an organisation they must provide the receipt to customers, cash should be handle with care, information system and data processing system should be strong enough, financial reporting, accounts receivable , and investments should handle with care. Misuse of company, s assets, corruption and fraudulent reports should be should be probe properly.
The management should focus on the core areas like information system, contracts, purchasing, grants and other programs, services provided to the community, revenue collection, salaries of employees, and property. Risk with large and moderate impacts should be addressed with control activities.
G. information communication- Information is major source to identify risks, and respond them in a appropriate way even is external or internal. Information should available for widespread use, all the transactions should recorded and tracked in actual timing, management should have immediate access to operating and financial information more effectively. If the risk is in tolerance than that, s all right otherwise an action should take immediately. Data reliability in information system should assessed carefully, poor assessment or bad management decisions can affect the targets. Communication is another way to be safe from risks, managers and staff needs to discuss the matters with each other, and tries to find the solutions for the problems. If necessary they should take actions immediately.
H. Monitoring- In an organisation ongoing monitoring activities should be continuous process. Ongoing monitoring activities will occur through management activities. Division head, Line manager, controller, senior management, internal auditor, and external auditor can evaluate the monitoring process. A variety of evaluation techniques are available like checklist, questionnaire, flowchart techniques, performance steps etc. Reporting to the management about the risks is a good way to keep an eye in the organisation it will be far seeing process which can keep safe the organisati
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