Risk Assessment
Perform assessment of risks, including fraud risks, through understanding the client’s business
Type
Functional
Competency Area
Risk, Compliance and Governance
Levels
Proactively identify security risks
Perform inquiry, analytical procedures and observation to obtain understanding of the client and its environment, objectives and strategies
Perform inquiry, analytical procedures and observation to obtain understanding of the client’s business risks, including internal control
Identify red flags indicating that fraud may have been committed
Identify and report any anti-money laundering risks in accordance with organisational policies
Evaluate security risks and establish corporate security policies and frameworks
Identify risks of material misstatement through understanding the client and its environment, objectives and strategies, as well as business risks, including internal control
Design responses to address the risks identified
Identify situations that increase probability of fraud occurrence
Consider the potential for fraud risks in the assessment of control design
Review possible impacts of fraud and anti-money laundering cases
Anticipate potential security threats and emerging trends in security management
Assess risks of material misstatement through understanding the client and its environment, objectives and strategies, as well as business risks, including internal control
Determine responses to address the risks identified
Evaluate situations that increase probability of fraud occurrence
Evaluate whether management is actively overseeing the fraud risk management programmes