Controls
Specific action implemented to identify, manage, mitigate, or monitor risks within the Credit Union.
What is a control.
This line owns and manages the risk in their areas.
What is the First Line of Defense?
The process of taking specific steps to minimize or reduce risk
What is risk management
A control essential for mitigating significant risks.
What is a key control?
Where one can find the monthly open issues dashboard.
What is BRO Sharepoint?
The risk that remains after controls are considered.
What is residual risk?
A system-generated log listing user access is an example of this.
What is an automated control?
This type of issue is identified by the first line of defense, not by compliance or audit.
What is a self-identified issue?
Amount of risk the Credit Union is willing to accept?
What is risk appetite.
People, Policy/Procedures, Process, Monitoring and Information Systems are all example what types of categories?
What is a control.
This term refers to the responsibility of identifying, assessing, and mitigating risks.
What is risk ownership?
This department should be involved from the beginning in all Compliance, ERM and Audit reviews
Who is Business Risk Office