According to IIA guidance which of the following correctly describes the standard risk treatments outlined...

According to IIA guidance, the standard risk treatments outlined in the process element approach of the framework for risk management include the following steps:

Risk Identification: Identifying potential risks that could affect the achievement of objectives.

Risk Assessment: Evaluating the identified risks in terms of their likelihood and impact.

Application of Controls: Implementing measures to mitigate or manage the identified risks.

Risk Acceptance: Deciding to accept the risk when it falls within the organization's risk appetite or tolerance levels.

These steps are part of a structured approach to managing risks, ensuring that risks are systematically identified, assessed, and managed through appropriate controls and that acceptance of residual risks is aligned with the organization's strategic objectives and risk appetite.

IIA Practice Guide: Assessing the Adequacy of Risk Management Using ISO 31000

COSO Enterprise Risk Management Framework