What are the key components of a risk-based approach?
Some of the key components of a Risk-Based Approach include:
- Risk identification
- Risk assessment
- Controls identification
- Pre implementation testing and validating the efficacy of controls
- Recalibrating the control measures according to minimise residual risks
- Deploying of control measures
- Putting in place Ongoing Monitoring measures
- Regularly conducting Health Checks and Audits of control measures
- Implementing or fine-tuning control measures if any gaps identified during Health Checks and Audits of control measures
- Archieving and record-keeping of components discussed above for a period specified by relevant regulator.