20 Enterprise Risk Management Flashcards
1
Q
Culture & Governance
A
- Exercise board oversight risk
- Establishes operating structures
- Defines desired culture
- Demonstrates commitment to core values
- Attract, develop, and retain capable individuals
2
Q
Objective Setting & Strategy
A
- Analyzes business context
- Defines risk appetite
- Evaluate alternative strategies
- Formulates business objectives
3
Q
Performance
A
- Identifies risks
- Assess severity of risks
- Prioritize Risks
- Implements risk responses
- Develops portfolio view
4
Q
Review & Revision
A
- Asses substantial changes
- Reviews risk and performance
- Pursues improvement in ERM
5
Q
Reporting & Communication , Info
A
- Leverages information systems
- Communicates risk information
- Reports on risk, culture, and performance
