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Risk management
In ISO Guide 73, the risk is defined as the effect of uncertainty on objectives. In
comparison, the Institute of Risk Management defines risk as a combination of the probability of
an event occurring and its consequences. The consequences are either positive or negative
towards the organization's objectives or the subject of occurrence.
Risk control technics can be grouped as preventive, corrective, directive, and detective.
The directive technics can be used to transfer risk to a third party, like taking an insurance cover
against some risks. Preventive technics are control measures used to terminate risk or block the
risk from occurring, like installing an antivirus in a computer system to control attacks. Detective
measures are measures used to tolerate risk; they are applied after the risk has occurred to
recover from the risk.
Preventive risk controls
Preventive controls are the type of controls designed to limit the possibility of an
undesirable outcome or help stop the possibility of such outcomes. These controls are those that
terminate the activity that can generate the risk. The majority of the control measures applied in
different organizations in responding to possible risk occurrences are the preventive controls.
These control measures can include a substitution of less hazardous material with
hazardous or enclosed fumes to protect the employees from the possible exposure to the fumes or
dust at work in a way to prevent the health risk involved in health safety risks. Therefore,
preventive controls eliminate the risk and replace the activity with a safer one in health and
safety risks. Simultaneously, limitation of authorization and specifying tasks within an
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organization or pre-employment screening of the potential staff can be described as the
preventive controls towards fraud risks control.
From the representation of the risk control measures, preventive controls are still the most
relevant actions since they are taken before the risk occurs. Detective controls relate to the
circumstance after the risk has occurred, while corrective and directive controls prevent losses,
limit damages, and contain cost when the risk occurs.
Preventive controls still also in the hierarch...