6.03

Risk Assessment

Principle 6 - Define Objectives and Risk Tolerances

Attribute 6.03 - Management defines objectives in specific terms, so that they are understood at all levels of the entity. This involves clearly defining what is to be achieved, who is to achieve it, how it will be achieved, and the time frames for achievement. All objectives can be broadly classified into one or more of three categories: operations, reporting, or compliance. Reporting objectives are further categorized as being either internal or external and financial or nonfinancial. Management defines objectives in alignment with the organization's mission, strategic plan, and performance goals.

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