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Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127

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BuyFindarrow_forward

Accounting Information Systems

11th Edition
Ulric J. Gelinas + 3 others
ISBN: 9781337552127
Textbook Problem

Describe four risk responses.

Summary Introduction

To explain: The four risk responses.

Introduction:

Enterprise risk management (ERM):

It is the activity of planning, controlling, organizing, and leading the activities of an organization so as to minimize the effects of risk on the earnings of an organization and on its capital.

Explanation

The four risk responses:

Avoidance:

The process of avoiding a risk by reducing the chances of risk occurrence to zero. This will include some modifications to the original in order to avoid the risk.

Transferring:

The possibility of shifting the responsibility of handling the risk to someone else. The risk is transferred to another entity and the responsibilities are with that person...

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