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The first step in establishing a risk management process is to identify assets, because assets are the resources that have value to the organization and need to be protected from potential threats. Assets can include physical, human, information, financial, and intangible assets. Identifying assets helps to determine their criticality, ownership, and dependencies, as well as the potential impact of losing or compromising them. According to the ISO 31000:2018 standard, one of the components of the risk management framework is establishing the context, which includes defining the scope, objectives, and criteria for risk management, as well as identifying the internal and external factors that can affect the achievement of objectives1. Identifying assets is part of establishing the context. The other steps of the risk management process, such as identifying threats, determining the probability of occurrence, assessing risk exposures, and implementing risk treatments, follow after identifying assets. References := 1: ISO 31000:2018(en), Risk management — Guidelines

 Guiding principles and best practices are the most important elements to document for a business ethics program, because they provide the foundation and direction for the program. Guiding principles are the core values and beliefs that inform the ethical behavior and decision-making of the organization and its stakeholders. Best practices are the methods and techniques that have been proven to be effective and efficient in achieving the desired ethical outcomes. Documenting guiding principles and best practices helps to communicate the purpose, scope, and objectives of the business ethics program, as well as the roles and responsibilities, policies and procedures, standards and expectations, and evaluation and improvement mechanisms. Documenting guiding principles and best practices also helps to align the business ethics program with the organizational strategy and culture, and to foster a consistent and coherent ethical environment.

References := How to Build a Business Ethics Program - Bizmanualz, A Guide for Business How to develop a Human rights Policy.

According to the ISACA paper on IT Governance Reporting1, the most important benefit of effective IT governance reporting is that it helps business executives better understand IT’s value contribution to the enterprise. IT governance reporting is the process of communicating relevant and reliable information about the performance, value and risk of IT to the stakeholders who are responsible for making decisions and taking actions related to IT. Effective IT governance reporting enables business executives to have a clear and comprehensive view of how IT supports and enables the achievement of the enterprise’s strategy, objectives and goals. It also helps business executives to assess the alignment, efficiency and effectiveness of IT, as well as to identify and address the gaps, issues and opportunities for improvement. Effective IT governance reporting fosters trust, collaboration and accountability between business and IT, and enhances the reputation and credibility of IT within the enterprise. The other options are not as important as business executives better understanding IT’s value contribution to the enterprise, as they are more related to the means or outcomes of effective IT governance reporting, rather than the benefit itself. References: IT Governance Reporting

The MOST concerning issue for the risk management committee when planning to migrate to cloud-based systems is regulatory compliance. Regulatory compliance refers to the discipline and process of ensuring that a company follows the laws enforced by governing bodies in their geography or rules required by voluntarily adopted industry standards1. For IT regulatory compliance, people and processes monitor corporate systems to detect and prevent violations of policies and procedures established by these governing laws, regulations, and standards1. However, migrating to cloud-based systems can pose significant challenges and risks for regulatory compliance, such as23:

• Data protection, privacy, and sovereignty issues, as cloud service providers may store or process data in different jurisdictions with different legal and regulatory frameworks
• Loss of control and visibility over data and systems, as cloud service providers may have different security standards, policies, and practices than the enterprise
• Shared responsibility and accountability for compliance, as cloud service providers and customers may have different roles and obligations for ensuring compliance
• Complexity and variability of compliance requirements, as cloud service providers may offer different levels of compliance certifications and attestations for different services and regions

Therefore, regulatory compliance should be of most concern to the risk management committee when planning to migrate to cloud-based systems. The risk management committee should carefully assess the compliance requirements of the applicable legislation in both the home and host countries, as well as the compliance capabilities and assurances of the cloud service providers. The risk management committee should also establish appropriate controls and mechanisms to monitor and audit the compliance status and performance of the cloud-based systems.