IRM Certificate Random to remember

Question 1

Traditional RM vs ERM

Answer 1

Traditional:
Risk ID & Analysis
Risk as individual Hazards
Risks managed in separate areas
Risk Mitigation
Risk with no Owners
Risk is insurance
Risk is not my responsibility

ERM Approach:
Risk in context of biz strategy
Risk 'portfolio' development with interconnectivity
Focus on the CRITICAL risks 
Risk is entity wide
Clear risk Responsibilities
Monitor and Measure
Risk is everyone's responsibility