INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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risks
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internal risks
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external risks
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risk management
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Detailed explanation-1: -Internal risks are the types of risk that do arise from poor systems or poor performance by employees, lax internal control systems, that will lead to fraud, accidents in the production facilities, and operational inefficiency, as well as low-quality products.
Detailed explanation-2: -There are four specific types of risks associated with each business – hazard risks, financial risks, operational risks, and strategic risks.
Detailed explanation-3: -Internal controls are key elements of risk management frameworks. They include processes to assess, mitigate and monitor risks. Organisations can embed internal controls throughout the programme cycle and as part of its overall governance structures and reporting systems.