About This Chapter
Risk Management for Business - Chapter Summary
Anyone can benefit from this chapter's exploration of risk management for business. Whether you only want to get a quick refresher or need a comprehensive overview, this chapter can help! Flexible access allows you to choose any lessons you want to review in any sequence you desire. Completing the lessons will enable you to:
- Identify and describe types of enterprise risk
- List strategies for managing risk worldwide
- Define and discuss the components of the COSO internal control framework
Benefit from the ability to review risk management for business concepts in a secure online environment without setting foot in a traditional classroom. Expert instructors have developed entertaining lessons that both strengthen your knowledge and keep you engaged! Mini quizzes gauge your understanding of concepts covered and help you determine which topics you need to revisit. The practice exam ensures you fully grasp all of the lessons explored in this chapter.
1. Risk Identification: Definition, Purpose & Examples
Risk management begins with risk identification. In this lesson, we'll introduce the risk identification process and its purpose, using the example of a digital development project.
2. Risk Mitigation Strategies
Organizations need to protect themselves against risks. Depending on the risk appetite of the management, this can be done in a few different ways. In this lesson, we'll discuss the most common risk mitigation strategies.
3. Ways to Manage Risk: Insurable and Uninsurable Risk
Risks abound in life and in business. However, most risks can be managed. In this lesson, you'll learn about ways to manage risks. You'll also learn the difference between insurable and uninsurable risks. A short quiz follows.
4. What is COSO Internal Control Framework? - Objectives & Components
Internal audit and compliance departments benefit from having industry-wide frameworks for conducting their enterprise risk assessment, internal control testing, and fraud deterrence. In this lesson, we discuss the most popular framework - COSO.
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