is incorrect. A risk event that is generated due to errors or omission in the project work
is not necessarily pure risk.

Section 302 of Sarbanes-Oxley act has the tremendous impact on the risk management solution
adopted by corporations. This section specifies that the reports must be certified by the CEO,
CFO, or other senior officer performing similar functions.
Certification of reports establishes:

Explanation/Reference:
Explanation:
Components of risk scenario that are needed for its analysis are:
Actor: Actors are those components of risk scenario that has the potential to generate the threat that

can be internal or external, human or non-human. Internal actors are within the enterprise like staff, contractors, etc. On the other hand, external actors include outsiders, competitors, regulators and the market.
Threat type: Threat type defines the nature of threat, that is, whether the threat is malicious, accidental,

natural or intentional.
Event: Event is an essential part of a scenario; a scenario always has to contain an event. Event

describes the happenings like whether it is a disclosure of confidential information, or interruption of a system or project, or modification, theft, destruction, etc.
Asset: Assets are the economic resources owned by business or company. Anything tangible or

intangible that one possesses, usually considered as applicable to the payment of one's debts, is considered an asset. An asset can also be defined as a resource, process, product, computing infrastructure, and so forth that an organization has determined must be protected. Tangible asset:
Tangible are those asset that has physical attributes and can be detected with the senses, e.g., people, infrastructure, and finances. Intangible asset: Intangible are those asset that has no physical attributes and cannot be detected with the senses, e.g., information, reputation and customer trust.
Timing dimension: The timing dimension is the application of the scenario to detect time to respond to

or recover from an event. It identifies if the event occur at a critical moment and its duration. It also specifies the time lag between the event and the consequence, that is, if there an immediate consequence (e.g., network failure, immediate downtime) or a delayed consequence (e.g., wrong IT architecture with accumulated high costs over a long period of time).