Risk Events are incidents that occur when there’s a process deficiency or failure, human error, or system deficiency or error and causes financial and/or non-financial impacts. An incident can also arise due to external events.
Examples of Risk Events can include compliance or regulatory breaches, claims or underwriting errors, breaches of authority, business disruptions, service level failure or delays, miscalculation of discounts, duties taxes, or levies, adverse publicity and more.