*5.1.7. Information and communication in the supervision of risk*

Activities are initiated by the management entity for transmission to employees of their responsibilities regarding the identification and monitoring of risks.

At the same time for employees to ensure proper risk monitoring in accordance with the requirements of established risk management process within the organization, it is necessary for the management to provide appropriate and timely information for them to accomplish the tasks set.

### *5.1.8. Risk monitoring and supervision*

Risk monitoring involves reviewing and monitoring whether their risk profile changes following the implementation of internal controls. Review processes are implemented to assess whether: risks persist, new risks have emerged, the impact and likelihood of risks have changed, internal controls are effectively put into practice or risks should be redefined.

Risk monitoring involves tracking the knowledge of strategies applied to risk management, of their implementation and the evaluation of performance after implementation. Risksensitive areas are monitored continuously, and the results are sent in the initial stage for reconsideration, identification and implementation of adequate internal control tools or application of other ways to reduce exposure to risk.

The management of risk register, which contains summary information and decisions in risk analysis, attests that the organization has introduced a risk management system and that it works.

278 Risk Management – Current Issues and Challenges

significant risks are properly managed.

directing the implementation.

accomplish the tasks set.

limit the probability and risk impact.

*5.1.8. Risk monitoring and supervision* 

application of other ways to reduce exposure to risk.

*5.1.7. Information and communication in the supervision of risk* 

responsibilities regarding the identification and monitoring of risks.

*5.1.6. Risk control* 

*Procedures* - are tools / internal control mechanisms which control the risks arising from lack

*Supervision* - grouping instruments/devices of internal controls designed to control risks arising from abnormal exercise hierarchical control. Such internal control tools are aimed at

Represents policies, procedures, controls and other management practices established by the organization to make a prudent management of risks, and ensure the implementation of activities as intended. Also, to control risks is to ensure that objectives are met and

To prevent conflicts it is recommended to ensure independence of risk control to functional structures of the organization that runs the identified risk. Any measure taken to control risks should be placed in the famous "internal control system", which is responsible for

Risk control requires that the functional structure where there is a risk, carry out continuous monitoring of risks and appropriate mitigation of the manifestation probability or risk impact. Otherwise, the risks are uncontrollable and there are no means of intervention to

Activities are initiated by the management entity for transmission to employees of their

At the same time for employees to ensure proper risk monitoring in accordance with the requirements of established risk management process within the organization, it is necessary for the management to provide appropriate and timely information for them to

Risk monitoring involves reviewing and monitoring whether their risk profile changes following the implementation of internal controls. Review processes are implemented to assess whether: risks persist, new risks have emerged, the impact and likelihood of risks have changed, internal controls are effectively put into practice or risks should be redefined.

Risk monitoring involves tracking the knowledge of strategies applied to risk management, of their implementation and the evaluation of performance after implementation. Risksensitive areas are monitored continuously, and the results are sent in the initial stage for reconsideration, identification and implementation of adequate internal control tools or

of processes and rules to be observed while activities are taking place.

the management style of the makers of different levels.

The process of identification, assessment and risk treatment must ensure that risk analysis is carried out periodically and are established mechanisms for information management on new or emerging risks of changes in already identified risks so that these changes to be addressed properly.

*Risk monitoring* is necessary to monitor progress of risk profiles and to ensure that risk management is appropriate and is obtained by revision of the risks.

Risk monitoring is done through internal control, which must be flexible, and develop appropriate control tools in areas where the risk is not sufficiently controlled or reduce those instruments where excessive risks are controlled.

Risk management must consider internal control system implemented in the organization, and the expected internal controls and internal controls existing, and considering their sufficiency identifies the risks, makes them subject to the evaluation and based on results establishes the internal control necessary to be implemented in order to limit exposure.
