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t of the organisation.

The staff and management should perform their duties with responsibilities and complete their assignments on the given time frame by the management. There should be a continuous monitoring of activities in the organisation and the management should do something for the development of the staff and give them a proper and continuous training so they can be perfect in performing their duties.

B. Setting objectives- All the organisations face the risks from internal and external environments. Objectives should be exist before the management can identify risks affecting the achievements of the organisation. An agency should develop related objectives. There are three broad categories of objectives ”operations, reporting, and compliance. In operations the company should do all the operations and work very effectively and in a progressive way, there should not be the minor faults in the formulations of the products and services of the company. If there are any risks around the operation the management should make a report and find the solutions of the involved risks. If they will avoid the so there will not be compliance risks for the company, and the company can achieve their target successfully.

There are some questions that what risks should a company not accept for example quality compromises and environmental and rules and regulations set by the government. They must not accept the legal risks. All the product and services should be a standard quality. Always worst outcomes should be assessed for the development of the company.

C. Event identification- An event is a incident arising from external and internal sources that can affect implementation of strategy. There are some external and internal factors through which we can identify events. Economic changes can affect the company financially. Ups and down in the currency of the country can affect the import and export of the company. Natural environments can also affect the company. Environmental damage can cause by failure in the rules and regulations set by law. Loss of funds through frauds can be a serious problem for the company. Failure to measurement of product can be another deficit for the company. Project delay can affect the company, s reputation. Failure of contractors and partners can be another bad situation for the company. Technical faults can also be costly for the company, It can be time consuming and affect the company, s target and reputation.

D. Risk assessment with particular reference to the impact and likelihood of risk- In an organisation it is possible that an event can occur and affect the achievements of the objectives. It can decrease the value of the goods and services, so that risk should analysed because of their impacts. Management should consider the future events, expected or unexpected. They should always finding that what is worst that can happen or damage the reputation of the organisation. Considering the risk appetite the amount of risk is acceptable or not, most likely the government entities risk is low than the private organisations. Tolerance level is high in the private organisations. Risk assessment can use quantitative and qualitative methods. If the management already miss to give notification to the controller and it can be failure to recover the funds. Lack of notification can result in investigation.

E. Risk response- Management de