QS0020-01: Enterprise Risk Management Policy

Question 1

QS0020-01: Enterprise Risk Management Policy

What are the objectives of the Enterprise Risk Management (ERM) program?

Answer 1

Build a culture of risk awareness and mitigation by establishing procedures, and tools. This includes regular reporting, risk tracking, and a clear means of reporting risks as they occur.

Question 2

QS0020-01: Enterprise Risk Management Policy

What is the definition of “Control”?

Answer 2

A “Control” is a measure taken in order to mitigate risk. Controls include any process, policy, device, practice, or actions altering risk.

Question 3

QS0020-01: Enterprise Risk Management Policy

What steps must employees take in the Risk Escalation process?

Answer 3

LabLynx employees identify the risk and escalate it to an immediate supervisor’s attention.