MANAGEMENT

Detailed explanation-1: -Internal risks include personnel management, such as labor shortages or poor morale and technology issues, such as outdated software. External risks include economic slowdowns, leading to lower revenue as well as political risks from trade wars hurting international sales.

Detailed explanation-2: -Internal risk is a risk that exists within the organization. It can be thought of as any risk that can be identified and managed by that same organization. Internal risk can be very damaging to your company, so it’s important to understand how to identify and prepare for them.

Detailed explanation-3: -External risks are risks over which a company has no control-where the only possible action is mitigation. An internal risk is one where the organization has the power, within the firm, to prevent the risk. With this definition, the list of “internal” risks is quite lengthy. Consider, for example, a firewall.

Detailed explanation-4: -Counterterrorism & risk management frameworks. 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.