Internal Control Manager Interview Questions and Answers

Operational risk is assessed by identifying potential risks, evaluating their impact, and implementing controls to mitigate them.

• Operational risk refers to the risk of loss resulting from inadequate or failed internal processes, people, and systems.

• It involves identifying potential risks that could impact the organization's operations and objectives.

• Evaluating the impact of these risks helps prioritize them based on their likelihood and potential consequences.

• Implementing con...read more

The concept of risk refers to the potential for loss or harm that may arise from uncertain events or circumstances.

• Risk is inherent in all aspects of life and business.

• It involves the identification, assessment, and management of potential risks.

• Risk can be categorized as strategic, operational, financial, or compliance-related.

• Effective risk management involves implementing controls and mitigation strategies.

• Examples of risks include fraud, data breaches, economic downturns,...read more