Abstract: Businesses face different types of risks today. A key ingredient for successful
management is knowledge of risk management, and of how to choose risk
management tools to maximize efficiency. Although the type of risk will differ
depending on the business, the fact is that risk means uncertainty, which can be a
potential source of huge losses to the organization if they are not adequately planned
for; risk management increases confidence in efficient management. Risk management,
which is an integral part of the proper risk management system, is intended to predict
uncertain events and select techniques to hedge or to reduce the risk. Risk
Management requires efficient internal monitoring and control, and should be based
on 3 main factors: risk management, internal audit, and internal control. The purpose
of an internal audit is to evaluate and increase confidence due to risk management to
facilitate the achieving of the organization’s objectives. The auditor prepares an
audit plan, including methods of risk management, in response to the management’s
efficient risk management requirements.
Publication Year: 2010
Publication Date: 2010-01-01
Language: en
Type: article
Access and Citation
Cited By Count: 2
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