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Explain the Risk management strategies
Retain the risk
If risk is small and won't affect company's profits, company does very little and lives with it.
Avoid risk
Taking action to ensure all risk is avoided, but this would cost money and may inhibit growth which implies Invoicing overseas clients in sterling only.
Reduce risk
Ensuring the risk is minimised by training staff and having effective management control systems.
Transfer risk
Insurance and hedging, passes the risk to third party, buy costs money.
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Evaluate risk management models • ERM approach • ISO31000:2009 • M_O_R Framework • GRC Capability Model
Risk management decisions and practices should be transparent Risk management should include the identification and systematic documentation of all elements of the risk managem
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