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FIL 250 Chapter 5

Enterprise wide risk management (ERM)

QuestionAnswer
What are the quadrants of enterprise risk? hazard, operational, financial, strategic
What are the two major categories of benefits that stem from implementation of ERM? Enhanced decision making and improved risk communication
What are four types of financial risk? foreign exchange, interest rate, commodity price, and equity price (also credit risk)
What are some differences between traditional risk management and ERM? expand categories of risk, integration with organizational strategy, types of performance metrics, top level risk manager (organizational structure)
What is strategic planning? board of directors and top managers of company discuss, develop, and refine overall business strategies for the company
What are the dimensions of SWOT analysis? strengths, weaknesses, opportunities, and threats
How is decision making enhanced by companies adopting ERM? increased profitability from exploiting opportunities, reduced volatility in overall financial performance, improved ability in meeting strategic goals, increased managerial accountability
How is risk communication improved by businesses that adopt ERM? more consensus by managers, more acceptance and cooperation by all stakeholders
What are the three specific risks identified in banking standard called Basel II? market risk (which includes changes in interest rates, FX, and equity prices), credit risk (defaults on loans), and operational risks (IT or personnel failure)
ISO 31000:2009 A risk management standard that includes terminology, principles, and guidelines for implementing risk management within an organization. It supersedes the AS/NZS 4360 standard.
Created by: isufil250
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