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Briefly explain the similiarities and differences in risk.

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Understanding risks is very important for any business. As discussed in our text by Hunton, Bryant, and Bagranoff, risks are classified in four major parts:
- Business risk
- Audit Risk
- Security Risk
- Continuity Risk

Briefly explain what are the similarities and differences among these risks

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Solution Summary

This solution explains the differences and similarities in the following types of risk: business risk, audit risk, security risk, and continuity risk.

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All of the risks identified are serious business risks and proper planning needs to be performed on a routine basis to analyze the risks that are present and also to determine if new risks are present in those areas. Business risk deals with the risks associated with decreased profitability and with taking more time than anticipated to bring out a new product line, improve processes, to remain profitable, and the other types of risks that are inherent in the day to day operations of the business.

Audit risk is focused entirely on the ...

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