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The second line of defence consists of the independent functions of Risk Management, Compliance, and Operational Risk. This line of defence monitors and facilitates the implementation of effective risk management practices by the first line, providing "oversight and challenge"; [24] and also assists the "risk owners" in producing and ...
3. Communicate risks and intentions. Communicate hazards and intentions. Communicate to the right people. Use the right communication style. Asking questions is a technique to opening the lines of communication. A direct and forceful style of communication gets a specific result from a specific situation. 4. Do and debrief. (Take action and ...
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Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.
Example of risk assessment: A NASA model showing areas at high risk from impact for the International Space Station. Risk management is the identification, evaluation, and prioritization of risks, [1] followed by the minimization, monitoring, and control of the impact or probability of those risks occurring. [2]
Operational risk is the risk of losses caused by flawed or failed processes, policies, systems or events that disrupt business operations. Employee errors, criminal activity such as fraud, and physical events are among the factors that can trigger operational risk.
Compliance & Ethics - monitors compliance with code of conduct and directs fraud investigations; Accounting / Financial compliance - directs the Sarbanes–Oxley Section 302 and 404 assessment, which identifies financial reporting risks; Law Department - manages litigation and analyzes emerging legal trends that may impact the organization
Defense standards are also used by other non-defense government organizations, technical organizations, and industry. This article discusses definitions, history, and usage of defense standards. Related documents, such as defense handbooks and defense specifications, are also addressed.