Relevance of the eight major risk
categories is considered:
Regulatory compliance. Compliance with laws and regulations.
Strategic. Related to high-level goals, aligned with & supporting the entity’s mission/vision.
Customer trust. Actions or conditions that degrade customer confidence in our Company brand, mission, or our standing in the community.
Financial accuracy. Effectiveness of the entity’s financial reporting.
Core business operational impact. Loss (including risks for financial performance and condition) resulting from inadequate or failed internal processes, people, and systems that support core business functions.
Support business operational impact. Interruptions resulting from inadequate or failed internal processes, people, and systems within business support functions.
Internal compliance. Compliance with company policies and procedures, contracts, ethics and business conduct standards, and other voluntary corporate standards.
Efficiency and effectiveness. Optimization of Company resources to support the business mission and reward shareholders.