At a high level, the risk assessment process involves identifying and rating the inherent risks associated with customers, products, countries, and delivery channels, and then:

Question

Options

• Acomparing these risks with industry benchmarks to determine the residual risk.
• Bimplementing new controls to eliminate all risks
• Crating the effectiveness of the related controls in order to calculate the residual risk.
• Ddocumenting the historical risk incidents for future reference.

• A
  6% (3)
• B
  12% (6)
• C
  78% (40)
• D
  4% (2)

Explanation

After identifying and rating inherent risks, the next key step in the risk assessment process is to evaluate the effectiveness of existing controls. This allows the organization to calculate the residual risk - i.e., the level of risk remaining after controls are applied.

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