7.09

Risk Assessment

Principle 7 - Identify, Analyze, and Respond to Risks

Attribute 7.09 - Risks may be analyzed individually or grouped into categories with related risks and analyzed collectively. Regardless of whether risks are analyzed individually or collectively, management considers the correlation among different risks or groups of risks when estimating their significance. The specific risk analysis methodology used can vary by entity because of differences in entities' missions and the difficulty in qualitatively and quantitatively defining risk tolerances.

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