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Under the 2007 guidance, companies are required to perform a fraud risk assessment and assess related controls. This typically involves identifying scenarios in which theft or loss could occur and determining if existing control procedures effectively manage the risk to an acceptable level. [10]
Plan Risk Management – defining how to conduct risk management activities. Identify Risks – identifying individual project risks as well as sources. Perform Qualitative Risk Analysis – prioritizing individual project risks by assessing probability and impact. Perform Quantitative Risk Analysis – numerical analysis of the effects.
Risk assessment determines possible mishaps, their likelihood and consequences, and the tolerances for such events. [1] The results of this process may be expressed in a quantitative or qualitative fashion. Risk assessment is an inherent part of a broader risk management strategy to help reduce any potential risk-related consequences. [1] [2]
The risk should be kept at a minimum through supervision systems, regular inspections and procedures. In order to perform a change, an organisation has to do a forecast, deeply understanding where that event could lead and its consequences. Thus, the risk of a particular event and its probability of occurring should be clear.
In order to comply with section 404 of the Act the company had to perform a top down risk assessment which necessitated the production of an "internal control report" that affirmed "the responsibility of management for establishing and maintaining an adequate internal control structure and procedures for financial reporting."
It typically fits into a larger risk management framework. Diligent risk analysis helps construct preventive measures to reduce the probability of incidents from occurring, as well as counter-measures to address incidents as they develop to minimize negative impacts on the organization. A popular method to perform risk analysis on IT systems is ...
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