ERM

Question 1

Components of enterprise risk management
G
O
P
R
O

Answer 1

Governance and culture
Strategy and objective setting
Performance
Review and revision
Ongoing information, communication, and reporting

Question 2

Governance and culture
D
O
V
E
S

Answer 2

Defines desired culture
Exercises board oversight
Demonstrates commitment to core values
Attracts, develops, and retains capable employees
Establish operating structure

Question 3

Strategy and objective setting
S
O
A
R

Answer 3

Evaluates alternative strategies
Formulates business objectives
Analyze business context
Define risk appetite

Question 4

Performance
V
A
P
I
R

Answer 4

Develops portfolio view
Assesses severity risk
Prioritizes risk
Identifies risk
Implements risk responses

Question 5

Review and revision
S
I
R

Answer 5

Assesses substantial change
Pursues, improvement and enterprise risk management
Reviews, risk and performance

Question 6

Information, communication, and reporting ongoing
T
I
P

Answer 6

Leverages, information and technology
Communicates risk information
Report some risk, culture, and performance