idenfying and assessing risks to the achievement
of objectives.” Risk assessment is not
just about minimizing risks, but managing
risks. Because setting objectives is the precursor
to risk assessment, an organization
should be thorough in formulating strategic,
operational, reporting, and compliance
objectives that align with its mission and
vision. With well-planned objectives, the
organization will be able to analyze both
the risks that are threats to organizational
goals and those that are missed opportunities
as well. Any risk-assessment process
must consider fraud risk.