Business Risk and Compliance Risk Definitions

Fraud risk is the risk arising from ______ and deceptive acts

Health and safety risk is the risk that unforeseen events could result to ______, illnesses, or even loss of lives

Impact - the significance or magnitude of the risk on its effect to the ______

International Financial Reporting Standards (IFRS) a set of internationally accepted accounting standards intended to promote quality and ______ financial reporting

Interest rate risk - the potential decline in earnings and capital arising from changes in ______ rates in the market

Business risk is the possibility that the business may not be able to generate sufficient ______, or an increase in production and operating costs might occur.

Compliance risk is the risk that the company might fail to comply with applicable laws, regulations, and contractual obligations to other ______.

Credit risk is the risk that a counter-party such as a customer or a borrower will fail to pay his/her account on the due ______.

Environmental risk is the risk that the company may fail to control or minimize factory wastes, emissions, and other pollutants arising from its business ______.

Financial reporting is the possibility that the financial statements of the company will be incorrect due to errors, lapses, or failure to apply accounting ______.

Financial risk is the likelihood that the company might incur a financial loss, or suffer a decline in profit, capital, investment, or cash flows on account of the occurrence of events or ______.