Risk Management in Business

External risks arise from the ______, economic factors, acts of regulatory bodies, and other outside sources.

Assign an ______ or Owners to match every important risk with a functional area, business unit, or key initiative.

Assess the ______ of each risk by evaluating the expected frequency and levels of damage severity.

Support risk assessments with both ______ analysis and qualitative considerations.

Evaluate ______ options, including retaining, avoiding, reducing, or transferring the risk.

Monitor the ______ of the implemented mitigation option and revise as needed.

Risk managers identified ______, assessed them, chose strategies to cover their impacts, and implemented a risk management program.

Risk managers ______ exposures, assessed them, chose strategies to cover their impacts, and implemented a risk management program.

The process set up both ______ and crisis risk management.

Internal auditors pursue ______ that internal controls are working.

This seeks to ensure ______ with official requirements imposed by statutes, public agencies, or the courts.

Traditional risk management identified four sources of ______ risk.

Enterprise risk is the likelihood that actual results will not match expected ______.

Risk has two characteristics, one of which is ______ of expected results from operations or decisions.

When an enterprise engages in its activities, it accepts ______ and considers both positive and negative possibilities.

A ______ loss would hurt an operating unit but not be noticeable on financial statements.

A ______ loss can cause a reduction of current year revenues or earnings that has a substantial impact on operations.

A catastrophic loss seriously hampers a firm's ability to do ______.