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Risk-Based Approach
A risk-based approach is a strategy that prioritizes and allocates resources to areas with the highest risk exposure. Instead of applying uniform controls across all processes and transactions, this approach focuses on identifying, assessing, and managing risks based on potential impact and likelihood.
Employing a risk-based approach allows businesses to effectively address the most significant threats. By concentrating efforts on high-risk areas, organizations can enhance security measures where they are most needed, ensuring efficient use of resources.
This approach helps with regulatory compliance by demonstrating the organization is proactively managing risks. It involves continuous monitoring, regular reassessment of risks, and adapting controls to evolving threats. This leads to a robust defense against potential fraud or compliance breaches.
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