This assignment is to based on Allegiance Coal Limited (ASX code-AGM). Assume that the audit for Allegiance Coal Limited ( Allegiance ), a mining company, will be coming up for tender. You and your...

There are several methods to define risk management framework which will provide a process for defining and management of related risk. Wipplinger, E. (2007). Philippe Jorion
The first step in the risk management process is categorization, it provides a guide to identify risk and categorize in risk management process it also identifies consequences and impact of risk on organizational assets which covers several functions of given organization.
The second step in risk management process is a selection of appropriate techniques framework or documents which provide the guidelines for privacy and security in order to implement the controls which are important to protect the organization and the system while commiserating the risk to certain organizational assets corporations and individuals. Wang, S. Q., Dulaimi, M. F., & Aguria, M. Y. (2004).
The third major step in the risk management process is the implementation of identified Framework within the purview of the organization, it is very important for the risk consultancy firm to implement the appropriate technique in the system. Implementation is the most difficult part in the risk management system because implementation handles all the practical and on ground problems associated with the risk management framework and they have to make it understandable to the stakeholders of a client who sometimes may question the validity of the framework. Wipplinger, E. (2007). Philippe Jorion
The fourth step in the risk management process is the assessment of the implementation of risk management framework.  Once the risk management Framework is implemented it is important to assess its impact on the organization for assessment various quantitative and qualitative mattresses are defined which measures the level of risk associated with the operations of the organization.  Level of risk in an organization is assessed before and after the implementation of risk management Framework in order to identify that whether the framework will provide a substantial impact on organizational risk in the future. Wang, S. Q., Dulaimi, M. F., & Aguria, M. Y. (2004).
The fifth step in the...