The COSO Framework for Internal Control
February 12, 2025
True leaders have a vision, that is, they have a potential to view the present as it is and to invent a future culminating out of the present. A leader with a vision can foresee the future and can remain in the present. A vision is an end towards which leader can spend and direct […]
Gestalt school of thought viewed human behaviour and mind as a complete whole. The term Gestalt means totality, Structure, Figure or Unity. Gestalt school of thought came into inception during early 20th century in Germany in the famous work of “The Attributes of Form” by the Australian Philosopher Christian von Ehrenfels. Gestalt psychology is based […]
Receivers are not just passive absorbers of messages; they receive the message and respond to them. This response of a receiver to sender’s message is called Feedback. Sometimes a feedback could be a non-verbal smiles, sighs etc. Sometimes it is oral, as when you react to a colleague’s ideas with questions or comments. Feedback can […]
What is Leadership Leadership is a process by which an executive can direct, guide and influence the behavior and work of others towards accomplishment of specific goals in a given situation. Leadership is the ability of a manager to induce the subordinates to work with confidence and zeal. Leadership is the potential to influence behaviour […]
Reinsurance companies have to pay out large sums of money in claims if and when a catastrophe occurs. Each time a hurricane, a flood, or any other catastrophe hits, insurance companies lose money. The monetary losses can be quite significant since catastrophe by definition refers to a natural disaster. Hence, it is in their best […]
A risk treatment is mandatorily a part of an effective risk management plan. The plan here means how you respond to the reported potential risks. It details on strategies on how to deal with the various risks - low or high, acceptable or unacceptable. The plan also outlines the role and responsibilities of the team members.
Literally speaking, risk treatment also known as risk control, is that part of the risk management where decisions are made about how to deal with risks either in the external or internal environment. Various options like risk reduction, risk avoidance, risk acceptance and risk transfer.
Before you embark on risk treatment there is something called as risk response planning that needs to be taken care of. It is explained in detail below:
Risk response planning no doubt is an integral aspect of risk treatment. The planning covers discusses and evaluates inputs like risk register, risk profiles and cause control matrix. Strategies are formulated and documented in this stage. The following four different strategies are discussed upon.
By the end of risk response planning various risks and the corresponding strategies are documented. A risk register is ready that contains all details vis-a-vis the time of occurrence, priority and the people involved in handling the risk. The risks have already classified as either internal or external. Relevant risks are assigned to relevant stakeholders accordingly.
Your email address will not be published. Required fields are marked *