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Risk Assessment and Management Summary

Risk Assessment and Management Summary



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Published by ghdava
Difination of Risk assessment
Difination of Risk assessment

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Published by: ghdava on Jul 28, 2008
Copyright:Attribution Non-commercial


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Risk Management&Audit Risk
Dr. Gholamhossein DavaniDr. Gholamhossein Davani Member of High council of Iranian Association of Member of High council of Iranian Association of ) Certifeid Public Accountants )IACPA) Certifeid Public Accountants )IACPAIICA,IMA,AAA,CFE,IIA,BAA,EAA,CAAAIICA,IMA,AAA,CFE,IIA,BAA,EAA,CAAA
Risk Management
is theprocess of 
, orassessing risk  and developingstrategiesto manage it.Strategies include transferring the risk toanother party, avoiding the risk, reducingthe negative effect of the risk, andaccepting some or all of the consequencesof a particular risk. Traditional riskmanagement focuses on risks stemmingfrom physical or legal causes (e.g. naturaldisasters or fires, accidents, death, andlawsuits).
 The Risk Assessment and Management Summary should:include
;A methodology section explaining the risk definition and process used ;The identification of the parties involved in the process;A Risk Matrix o explain the criteria and define the levels of impact and likelihood Identification of sources of risk, assessment of the likelihood and impact of those risks, including the underlying assumptions made and a discussion of riskmitigation actions )including management controls taken and planned; and A summary of the key risks and a discussion of how they will be used to inform decisions on the nature and extent of monitoring )including performance measurement, recipient and internal.auditing and evaluation

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