Posted On: Feb 22, 2018
The risks should be classified as per the policy of the company. There are various risk classifications that can be defined as per risk priority and company policy:
For risks that contain the company’s critical assets that may be compromised by fraud or system disruptions, Critical Classification is done.
Physical or monetary loss or system-wide disruption includes fraud, loss of any asset or failure of a system are included.
Multiple system disruptions like overwriting master data in the system are included in this.
These are the risks in which either productivity losses or system failures are compromised by fraud or system disruptions. In this, the loss is said to be minimum.
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Risk control needs to be performed as a part of compliance and regulation practice, it is required to mitigate risk in an organization. A critical part of managing risk in an organization is to defin...