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 | Audit & Compliance |
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Risk monitoring and risk review are essential parts of managing risk and vitally important parts of the risk management process. It is necessary to monitor and review:
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Risks.
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Effectiveness of risk strategies and management systems established to implement risk treatments.
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The risk management plan and system as a whole.
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Activities which are characterised by a high incidence of change.
Continuous or frequent monitoring of selected risks, through checking particular factors and parameter is desirable for risks that could significantly damage and or impair the achievement of business objectives.
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A robust Audit and Compliance Program is an integral component of the risk control process for any organisation. Whether it is compliance with internal corporate procedures, external regulatory requirements or compliance with industry codes, effective internal auditing is the cornerstone of compliance management and continuous improvement.
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