1. By using a case example that you are familiar with, construct a risk management process that helps to elaborate stages that a country, a business organisation or a process needs to go through as illustrated by Figure 1. Impact Intermediate Inherent Control 2 Control 1 Current Control 3 Target Likelihood Figure 1 Your answer should be able to: [2 marks] (i) Describe the background of the case example. (ii) Differentiate inherent, intermediate, and current and target levels of risk. [12 marks] (iii) Elaborate control 1, 2 and 3 using the case example [6 marks]