7.06

Risk Assessment

Principle 7 - Identify, Analyze, and Respond to Risks

Attribute 7.06 - Risk identification methods may include qualitative and quantitative ranking activities, forecasting and strategic planning, data analytics, and consideration of internal control deficiencies identified through monitoring activities or reported by internal or external parties. Performing an analysis to identify the root causes of internal control deficiencies can assist management in identifying risks. Management also collaborates with relevant internal and external parties to identify risks. Internal parties include appropriate management and other personnel from all appropriate units within the entity's organizational structure, including program and financial managers. External parties may include service organizations, suppliers, contractors, regulated entities, federal entities, state and local governments, and grantees.

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