Risk management techniques and SOX

Risk management techniques and SOX

Risk management techniques refer to the methods and tools used to identify, assess, and control risks within a project or organization. Some common techniques include brainstorming, risk assessments, risk registers, and risk mitigation plans.

SOX, or the Sarbanes-Oxley Act, is a US federal law that was enacted in 2002 to improve the accuracy and reliability of corporate financial reporting. It includes regulations related to risk management, internal controls, and corporate governance. Compliance with SOX is mandatory for all publicly traded companies in the US, and failure to comply can result in significant fines and penalties. As a result, many organizations have implemented risk management programs that are designed to comply with SOX regulations.

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