The basic steps of the risk management process are as follows:

- Risk Assessment

- Response by Management

- Information Reliability

- Performance Results

- Reaction by Management 

Suppose you are the auditor of a company that sells jewelry using the Internet. First, consider one business risk that may be of critical importance. Then, with reference to this business risk, give an example of how this risk can be mitigated or minimized through the remaining risk assessment process so that the Company can develop competitive advantage over its competitors.