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Rmin 4000 ch 4

TermDefinition
Loss exposures are usually insurable, pure risks: Personal risks, Liability risks, Property risks (direct loss), Net income risks (indirect loss)
Evolution of Traditional risk management: expanded their rmin program to include speculative financial risks, consider all risks faced by the organization
Enterprise Risk Management (ERM) strategic business discipline that addresses the full spectrum of its risks and managing the combined impact of those risks as an integrated risk portfolio. (how do these risks all relate to another)
ERM Program: Considers ALL risks an organization faces across the entire enterprise. Holistic/INTERCONNECTED view of risk. Creates a “risk culture” within the organization in which everyone is responsible for identifying and managing risk.
Types of Risk within ERM: Hazard risk, Operational risk, Financial risk, Strategic risk
Hazard risk: Traditional risk management types of risks: property, liability (pure risk). Techniques: insurance, noninsurance risk transfer, retention, loss prevention/reduction
Operational risk: Risks arising from day-to-day business operations: Supply chain, Manufacturing defects, Customer service, Cybersecurity, Employment practices
Financial risk: Risks arising from changing conditions within financial markets: Commodity (raw material) prices, Interest rates, Foreign exchange rates
Strategic risk: Uncertainty regarding an organization's goals and objectives, and the organization's long term strengths, weaknesses, opportunities, and threats (SWOT). Implementation, location, conditions, laws
ERM Program – Other Risks: Regulatory/compliance: Laws, minimum wage. Reputational. Terrorism: Cyber security. Climate change. Laws and regulation
ERM Tools: Risk management information system (RMIS), risk score, risk register, risk map
Advantages of an ERM Program: Improved risk assessment, Integrated response to the full range of risks, Alignment with organization's risk tolerance and its strategies, Fewer operational surprises and losses, Reduced earnings volatility
Barriers to an ERM Program: Lack of commitment from company leadership, Rigid organizational culture, Disagreements between departments over responsibilities, Technological difficulties, Lack of information sharing
By combining all risks into a single risk management program, ... the organization may be able to offset one risk against another and reduce its overall risk.
Created by: aychan
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