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Risk appetite / Risk team structure [55]

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Bullet points include: Once risks and controls assessed, a rank-ordered list of ‘residual risks’ is assembled Risk ‘owner’ (e.g. subsidiary CEO or project manager) then determines firm’s tolerance for that risk Within specified limits of accountability, risk owner decides whether to accept risk as is or to take (possibly further) steps to mitigate it If accepted ‘as is’ then risk monitored and reviewed in normal future course of risk management process If mitigated then process of risk mitigation is defined (and monitored …)

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