a. b. c. 9. A process, effected by an entity's board of directors, management and other personnel, applied in strate setting and across the enterprise, designed to identify potential events that may effect the entity, and man risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of es objectives. enterprise risk management internal control organizational governance d. risk assessment 10. Risk assessment is best described by: a. Internal and external events affecting achievement of an entity's objectives must be identified. distinguishing between risks and opportunities. b. Management selects whether to avoid, accept, reduce, or share risk - developing a set of actions to align risks with the entity's risk tolerances and risk appetite. c. The entirety of enterprise risk management is monitored and modifications made as necessary. d. The likelihood and impact of risks are analyzed, as a basis for determining how they should managed