Definitions from Wikipedia (Inherent risk)

▸ noun:  Inherent risk, in a financial audit, measures the auditor's assessment at the assertion level of the likelihood that there are material misstatements, either individually or in aggregate, due to error or fraud in a class of transactions, account balance or disclosure before considering the effectiveness of internal control.
▸ noun:  Inherent risk, in risk management, is an assessed level of raw or untreated risk; that is, the natural level of risk inherent in a process or activity without doing anything to reduce the likelihood or mitigate the severity of a mishap, or the amount of risk before the application of the risk reduction effects of controls.


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