7.11

Risk Assessment

Principle 7 - Identify, Analyze, and Respond to Risks

Attribute 7.11 - Based on the selected risk response, management designs controls to effectively mitigate the analyzed risks on a timely basis. If management has chosen to reduce or share a risk, then management designs controls, which may exist within each component of internal control or constitute a specific control activity. Typically, controls are not needed when an entity chooses to either accept or avoid a risk. The nature and extent of risk response actions and any associated controls will depend, at least in part, on the defined level of risk tolerance.

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