1 FUNDAMENTAL CONCEPTS OF CORPORATE GOVERNANCE Produced • NU
LAGUNA
Corporate Governance,
Business Ethics, Risk
Management and Internal
Control
Richard A. Perez, CPA, MBA, CTT, MRITax
Course Material No. 3
Risk Management
2 RISK MANAGEMENT • NU LAGUNA
For this lesson, you would need the following resources:
Corporate Governance, Business Ethics, Risk Management and
Internal Control
Unit Outline
LESSON OUTLINE
Basic Principles
of Risk
Process of Risk
Management
Elements of Risk
Management
Risk
Terminologies
Finance related
Department and
other
departments
LEARNING OUTCOMES
Here’s what I will teach you in this course material:
Understand the Basic Principles of Risk
Enumerate the Process of Risk Management
Identify the elements of Risk Management
Enumerate and understand the Relevant Risk Terminologies
Analyze the Potential Risk Treatments
2
Fundamental Concepts of Business
Ethics
RESOURCES NEEDED
3
Inventory, Biological Assets and Agricultural Produce • NU LAGUNA
Before you start, try answering the following
questions.
1. What is Risk Management?
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2. Enumerate the process of Risk Assessment.
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3. Enumerate and give examples of element of risk
management?
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4. What is the purpose of ISO?
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________________________________________
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Pretest
TABLE OF CONTENTS
Questions for Review and
Discussion
Element of Risk
Management
Risk Management
Accountant’s Word Hunt
Illustration of
Departmental Policy
3
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5
8
13
14
15
17
Lesson Summary
Posttest
References
4 RISK MANAGEMENT • NU LAGUNA
Risk
Management
Accountant’s Word Hunt
Identify what is needed and color it according to the designated color
after the questions.
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Find all the words that
corresponds to elements
of Financial Statements
inside the Box
This lesson comprises of
risks and how to solve those risk in
all aspects
RISK MANAGEMENT
Risk management is the process of measuring or assessing risk and developing
strategies to manage it. Risk management is a systematic approach in identifying, analyzing
and controlling areas or events with a potential for causing unwanted change. It is the act or
practice of controlling risk. It includes risk planning, assessing risk areas, developing risk
handling options, monitoring risks to determine how risks have changed and documenting
overall risk management program.
RISK MANAGEMENT
Hello Class! We will discuss today the definition, scope and underlying principle of Risk
Management. We always talk about the policy and how to implement those policies and
procedures. One step to be more efficient is to assess the policy if it is still effective. Thus, the
preparation of regular risk assessment should be done.
What is Risk Management?
