Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.
Risk control has a wider ambit than risk management. The latter is often defined as hedging or neutralising the financial risks that result from one or a series of transactions. For the purposes of this discussion, risk control is the entire process of policies, procedures and systems an institution needs to manage prudently all the risks resulting from its financial transactions, and to ensure that they are within the bank's risk appetite. To avoid conflicts of interests, risk control should be separated from and sufficiently independent of the business units, which execute the firm's financial transactions, (the latter are often responsible for hedging the risks which result from their trades.) In some organisations, risk control work is carried out by independent risk management units rather than specially-named risk control sections, but the difference here is a question of semantics rather than job function.

Answered by Raksha , an ibibo Master, at 8:24 AM on June 26, 2008

Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.
Risk control has a wider ambit than risk management. The latter is often defined as hedging or neutralising the financial risks that result from one or a series of transactions. For the purposes of this discussion, risk control is the entire process of policies, procedures and systems an institution needs to manage prudently all the risks resulting from its financial transactions, and to ensure that they are within the bank's risk appetite. To avoid conflicts of interests, risk control should be separated from and sufficiently independent of the business units, which execute the firm's financial transactions, (the latter are often responsible for hedging the risks which result from their trades.) In some organisations, risk control work is carried out by independent risk management units rather than specially-named risk control sections, but the difference here is a question of semantics rather than job function.

Answered by Yash , an ibibo Master, at 8:32 PM on June 25, 2008

well, Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.


This sense of perspective and foreboding is what distinguishes a good auditor from a cynic. It gives auditors something in common with insurance salesmen, weather forecasters and soothsayers. IT auditors genuinely believe the lottery is simply a tax on the numerically-challenged.

Thi s is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees.

His father sees a supreme athlete. His mother sees her little boy leaving home.

This sense of perspective and foreboding is what distinguishes a good auditor from a cynic. It gives auditors something in common with insurance salesmen, weather forecasters and soothsayers.

IT auditors genuinely believe the lottery is simply a tax on the numerically-challenged.

Con trols help to minimise risks. The insurance man expects his client to install pick-proof locks as a condition of insuring against burglary.

Answered by Romi , an ibibo Master, at 6:14 PM on June 17, 2008

Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.
Risk control has a wider ambit than risk management. The latter is often defined as hedging or neutralising the financial risks that result from one or a series of transactions. For the purposes of this discussion, risk control is the entire process of policies, procedures and systems an institution needs to manage prudently all the risks resulting from its financial transactions, and to ensure that they are within the bank's risk appetite. To avoid conflicts of interests, risk control should be separated from and sufficiently independent of the business units, which execute the firm's financial transactions, (the latter are often responsible for hedging the risks which result from their trades.) In some organisations, risk control work is carried out by independent risk management units rather than specially-named risk control sections, but the difference here is a question of semantics rather than job function.

Answered by Madhurima , an ibibo Master, at 1:53 PM on May 31, 2008

Here we explain about risk and risk control-

"Risk": means a combination of the severity and likelihood of harm arising from a hazard.

"Risk control": is the process of implementing measures to reduce the risk associated with a hazard. The control process must follow the control hierarchy, in order, as prescribed in some health and safety legislation. It is important that control measures do not introduce new hazards, and that the ongoing effectiveness of the controls is monitored.

"Risk control hierarchy": ranks risk control measures in decreasing order of effectiveness:

* elimination of hazard;
* substitution of hazardous processes or materials with safer ones;
* engineering controls;
* administrative controls; and
* personal protective equipment.

The risk control measures implemented for the hazards identified should always aim to be as high in the list as practicable.

Answered by Nagendra , an ibibo Master, at 6:30 AM on May 30, 2008

Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.
Risk control has a wider ambit than risk management. The latter is often defined as hedging or neutralising the financial risks that result from one or a series of transactions. For the purposes of this discussion, risk control is the entire process of policies, procedures and systems an institution needs to manage prudently all the risks resulting from its financial transactions, and to ensure that they are within the bank's risk appetite. To avoid conflicts of interests, risk control should be separated from and sufficiently independent of the business units, which execute the firm's financial transactions, (the latter are often responsible for hedging the risks which result from their trades.) In some organisations, risk control work is carried out by independent risk management units rather than specially-named risk control sections, but the difference here is a question of semantics rather than job function.

Answered by Arti singh , an ibibo Specialist, at 1:07 PM on May 29, 2008

Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.
Risk control has a wider ambit than risk management. The latter is often defined as hedging or neutralising the financial risks that result from one or a series of transactions. For the purposes of this discussion, risk control is the entire process of policies, procedures and systems an institution needs to manage prudently all the risks resulting from its financial transactions, and to ensure that they are within the bank's risk appetite. To avoid conflicts of interests, risk control should be separated from and sufficiently independent of the business units, which execute the firm's financial transactions, (the latter are often responsible for hedging the risks which result from their trades.) In some organisations, risk control work is carried out by independent risk management units rather than specially-named risk control sections, but the difference here is a question of semantics rather than job function.

Answered by Om Prakash , an ibibo Master, at 10:05 AM on May 29, 2008

Risk": means a combination of the severity and likelihood of harm arising from a hazard.

"Risk assessment": is the process of evaluating the severity and likelihood of harm arising from a hazard.

"Risk control": is the process of implementing measures to reduce the risk associated with a hazard. The control process must follow the control hierarchy, in order, as prescribed in some health and safety legislation. It is important that control measures do not introduce new hazards, and that the ongoing effectiveness of the controls is monitored.
for more inf check source http://www.ballarat.edu.au/aas p/staff/ohs/HIRAC.shtml

Answered by Anju Singh , an ibibo Master, at 6:45 AM on May 29, 2008

hello radhe Risk": means a combination of the severity and likelihood of harm arising from a hazard.

"Risk assessment": is the process of evaluating the severity and likelihood of harm arising from a hazard.

"Risk control": is the process of implementing measures to reduce the risk associated with a hazard. The control process must follow the control hierarchy, in order, as prescribed in some health and safety legislation. It is important that control measures do not introduce new hazards, and that the ongoing effectiveness of the controls is monitored.

for more inf check source http://www.ballarat.edu.au/aasp/sta ff/ohs/HIRAC.shtml

Answered by raj u , an ibibo Master, at 2:14 PM on May 28, 2008

Risk and control are what makes auditors of all persuasions tick (just like cartoon bombs).

The independent eye can often see risks in a situation that those intimately involved with it either cannot see or cannot face. With training and experience, auditors come to appreciate that risk is not a purely theoretical concept – bad things really do happen sometimes. This is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees. His father sees a supreme athlete. His mother sees her little boy leaving home.


This sense of perspective and foreboding is what distinguishes a good auditor from a cynic. It gives auditors something in common with insurance salesmen, weather forecasters and soothsayers. IT auditors genuinely believe the lottery is simply a tax on the numerically-challenged.

Thi s is what gives auditors a bad name. If an auditor sees a boy taking his first tentative ride on a new bicycle, he sees the potential for grazed knees.

His father sees a supreme athlete. His mother sees her little boy leaving home.

This sense of perspective and foreboding is what distinguishes a good auditor from a cynic. It gives auditors something in common with insurance salesmen, weather forecasters and soothsayers.

IT auditors genuinely believe the lottery is simply a tax on the numerically-challenged.

Con trols help to minimise risks. The insurance man expects his client to install pick-proof locks as a condition of insuring against burglary.

The auditor tries to persuade management that fitting a shiny new 5-lever mortise lock on a rotten door is a false economy.

Answered by Shobhit , an ibibo Master, at 2:13 PM on May 28, 2008