Internal Controls - Controlling Risk in the Workplace: The Manager's Role
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Chapter 3: How do You Measure Risk?
Once you identify your potential risks, you need to figure out where to focus your efforts on controlling those risks.
Not all risks are created equal, and your control efforts should not be equal either. With limited resources available, you need to strike the right balance between limiting risk and the cost of those controls.
With each risk you need to measure:
Not all risks are created equal, and your control efforts should not be equal either. With limited resources available, you need to strike the right balance between limiting risk and the cost of those controls.
With each risk you need to measure:
- Likelihood - What are the chances the risk event will occur?
- Impact - If it happens, what will the effect be?
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New York State Governor's Office of Employee Relations