The amount of risk a company is willing to accept in order to achieve its goals and objectives is risk assessment risk appetite residual risk inherent risk.
The Steering Committee is well-placed to determine the company's risk appetite, as it draws representation from senior management.
Risk is defined by COSO as "the likelihood that an event will occur and affect the achievement of strategic and business objectives." Risks considered in this definition include those associated with all business objectives, including compliance.
Enterprise Risk Management (ERM) encompasses the methods and willing processes an organization uses to manage risks and seize opportunities related to achieving objectives. risk monitoring. Board oversight of risk management frameworks and processes.
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