4. The ERM Process

Question 1

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

Answer 1

Communication & consultation

Question 2

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.

Answer 2

Risk analysis

Question 3

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

Answer 3

Risk evaluation

Question 4

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.

Answer 4

Risk monitoring & review

Question 5

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.

Answer 5

Risk treatment

Question 6

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

Answer 6

Risk identification

Question 7

What are the 7 stages within risk management?

Answer 7

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