Risk Management. #CPA #ICAEW #Business Management

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Risk management can be categorized under the following:

Responsibility: Embedding culture of risk awareness is the responsibility of senior management and Board of Directors of an organization.
General recognition: There should be a general recognition in the organization that problems should not be hidden. Openness and transparency should be promoted.
Attitude: Senior management considers that risks will always occur. Whenever they occur, the objective should be to take measures to deal with them. Mistakes should be analyzed to find solutions and prevent a repetition of problem.
Employee Behavior: Risk awareness should be embedded in culture and should be a regular part of employee behavior.
Reporting Systems: There should be a reporting system for disclosing issues relating to risks and sharing of risk related information.
Disclosure Requirement: Managers and other employees recognize the need to disclose
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Management
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