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How do you perform Risk classification? What is difference between low, medium and high risk classification? |
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Answer» Risk should be classified as per the company policy. There are various risk classifications that you can define as per risk priority and company policy − Critical − Critical classification is done for risks that contains company’s critical assets that are very likely to be compromised by fraud or system disruptions. High − This includes physical or monetary loss or system-wide disruption includes fraud, loss of any asset or failure of a system. Medium − This includes multiple system disruption like overwriting master data in the system. Low − This includes risk where the productivity losses or system failures compromised by fraud or system disruptions and loss is minimum. |
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