Appendix 3

Glossary of Risk Terminology

Risk Description Associated Risk Type
Accounting Risk This will occur when a business engages in accounting practices for products or services that are either not suitable, are deliberately misinterpreted or are implemented incorrectly or do not comply with accepted market principles. The risk can also occur if there is doubt about the acceptable accounting standards or where there is conflict between different standards by the setting organizations. Audit, Regulatory, Reporting
Actioning Risk The risk of an action being implemented erroneously, accidentally, in unsuitable situations or being authorized or under taken by unqualified personnel. The risks that arise could create losses (costs, fines ...

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