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Defines the basis for how risk is viewed and addressed by an entity, influences the risk management philosophy, and sets the tone regarding risk consciousness among employees.

Objective setting is the process of determining what the organization hopes to achieve and ensuring that the objectives support and align with the organization's mission and are consistent with its risk appetite.

Involves the identification of internal and external events that could affect the achievement of the organization's objectives and determining whether the events represent opportunities or risks.

Assessing the likelihood and impact of identified risks, which helps prioritize risks and aids in risk response decisions.

Refers to the actions taken by management to mitigate risk exposure to align with the organization's risk appetite and tolerance.

The policies and procedures that help ensure management's risk responses are carried out and risk mitigation strategies are effectively implemented.

Involves the identification, capture, and exchange of information in a form and timeframe that enables people to carry out their responsibilities and supports the ERM process.