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Inside Internal Controls

News and discussion on implementing risk management

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decision-making process

An idea to help drive effective risk management

We want all decision-makers to consider all the potential consequences of their decision (in fact, all the potential consequences for each option on the table) before making an informed and intelligent judgment. What if the quality of decision-making was a significant factor in assessing performance? Thus affecting compensation and career progression. This idea could help drive effective risk management.

 

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Should we take this risk?

Who takes risk? The correct answer is ‘everybody’; everybody who makes a decision and everybody who acts. Every decision and action creates or modifies risk and has the potential to influence the achievement of objectives. Whether it is deciding to go through with an acquisition or to hire this candidate instead of an alternative, risk is being taken.

 

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The risks when workplace automation replaces humans

People charged with risk, governance, and assurance for their organization (i.e., the board; executive management team; risk, security, and audit practitioners) have a lot to monitor. Risks are changing and new risks are emerging all the time.

 

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