Page 81 - RISK Management IC86 Ebook
P. 81
The Insurance Times
l ACCEPTANCE - Do nothing to alter either the likelihood
or the impact of Risk.
l REDUCTION - Reduce the likelihood and/or impact of
risk, often via everyday business decisions and processes
l SHARING - Mitigate the impact and/or likelihood of risks
through purchasing insurance products, pooling risks, and
hedging and outsourcing risky activities.
6. Control activities
n The risk responses are established and executed according
to policies and procedures that comprise the control
activities.
7. Information and communication
n Management ensures that risk policy is communicated to all
levels throughout the organization. All employees understand
their roles and responsibilities within the organization. They
also provide insight into their respective areas regarding the
effectiveness of risk policy and raise awareness of risk events
that have not been addressed.
8. Monitoring
n A dynamic risk management system is established by
responding to ongoing assessment by management as well as
to independent audit results.
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