The ways of controlling risks are ranked from the highest level of protection and reliability to the lowest. This ranking is known as:Risk Management ScaleHierarchy of ControlReliability of ControlWHS Protection Levels

What does risk control involve?Avoiding the riskEliminating the risk as far as is reasonable practicableAccepting the riskNone of the above

xplain the importance of internal control and risk management

When control risk is relevant to the subject matter, control risk will not exist anymore because of the inherent limitations of the design and operation of internal controlSelect one:TrueFalse

Control risk is the susceptibility of the subject matter information to a material misstatement, assuming that there are no related controlsSelect one:TrueFalse

Explain why risk management should involve the following elements: threats, exposure associated with each threat, risk of each threat occurring, cost of controls, and assessment of their effectiveness.