4. The ERM Process Flashcards Preview

Enterprise Risk Management (RSK2601) > 4. The ERM Process > Flashcards

Flashcards in 4. The ERM Process Deck (7)
Loading flashcards...
1
Q

The risk … stage of risk managment will be used across all the other ERM process stages.

A

Communication & consultation

2
Q

The … stage of risk management will provide information on the likelihood of risks and opportunities occurring and the impact of them to aid in the decision making process.

A

Risk analysis

3
Q

The … stage of risk management will evaluate the results obtained in the risk analysis stage.

A

Risk evaluation

4
Q

The … stage is a key stage in the ERM process. It may become necessary for a business to review all the previous stages in the risk management process because new information became available or circumstances changed in the business.

A

Risk monitoring & review

5
Q

The … stage of risk management will assist the business to design a specific action plan and produce strategic responses to address the risks and opportunities identified in the business to secure business objectives.

A

Risk treatment

6
Q

Through …, the business will be able to identify the key risks and risk events associated with the business.

A

Risk identification

7
Q

What are the 7 stages within risk management?

A
  1. Establishing the context
  2. Risk identification
  3. Risk analysis
  4. Risk evaluation
  5. Risk treatment
  6. Monitoring & Review
  7. Communication & Consultation