7.1 Risk management processes, perspectives and responsibilities

Question 1

Formal risk management activities are usually organised are usually organised into a p_______ and associated sub-processes.

Answer 1

process

processes

Question 2

The standard risk management process consists of four activities: i________, a___________, m_____________, c______.

Answer 2

identification
assessment
monitoring
control

Question 3

The standards risk management process can be extended through the adoption of e________ r____ m_________ (ERM).

Answer 3

enterprise risk management

Question 4

ERM is a process, but it adds further dimensions to the standard process. In particular, ERM is concerned with the management of o__________-wide risks that may affect the s________ decisions of organisations and their ability to meet their o___________.

Answer 4

organisation
strategic
objectives

Question 5

There are various benefits associated with implementing ERM processes. These include ensuring that gaps and overlaps between risk categories are not missed and enhancing risk g_________ by providing clear and consistent rules for risk management d_______ making.

Answer 5

governance

decision

Question 6

To obtain the benefits of ERM, there are several important considerations, including having an organisaton-wide risk management p_______ and risk a________.

Answer 6

policy

appetite

Question 7

A wide range of individuals and f_________ have different responsibilities for risk management. It is important that these responsibilities are fulfilled to ensure that the risk management process operated e_____________

Answer 7

functions

effectively