Senior management has decided to adopt the key principles approach of the ISO 31000 risk management framework. According to IIA guidance, which of the following principles is most appropriate when implementing the risk management process in a dynamic agency?

Question

lawrence Ajibolade · Accepted Answer

The risk management process should be regularly reviewed and respond to changes in the environment, to remain relevant.

lawrence Ajibolade · Answer

Everyone in the agency has a primary responsibility for identifying and managing risks as part of the risk management process.

lawrence Ajibolade · Answer

The risk management process, while evaluating risk, should develop a mechanism to rank the relative importance of each risk.

lawrence Ajibolade · Answer

The risk management process should use a formal technique to consider the consequence and likelihood of each risk.

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