Compliance
As part of the organisation's risk management process, it should:
- Be aware of the environmnet it is operating in. This would include the:
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- Rules
- Regulations
- Legislation
- Identify the risks:
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- Sources of risk;
- When and where the risk could happen;
- The effect of the risk on the organisation's objectives; and
- Who might be impacted.
- Analyse the risks
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- Consider the likelihood and consequences of the risk happening.
- Evaluate the risks
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- What is the organisation's risk tolerance, high or low?
- Can the risk be dealt with?
- Is it tolerable or intolerable?
- Deal with the risks
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- Select how to deal with the risk
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- avoid the risk
- take the risk
- minimise the risk
- Remove the source of the risk
- Change the consequence of the risk
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- assess the cost and benefits of delaing with the risk
- deal with the risk


