ERM Framework

Question 1

New ERM Framework 5 Components

GOPRRO

Answer 1

Governance and Culture, Strategy and Objective-setting, Performance, Review and Revision, Information, Communication, and reporting

Question 2

Governance and Culture (Dead C)

Answer 2

Desired Culture, Establish Operating Structures, Attract/develop/Retain Team Members, board of Directors Risk Oversight, Demonstrates Commitment to Core Values

Question 3

Strategy and Objective Setting (Barb)

Answer 3

Business context, Alternative Strategies, Risk Appetite, Business Objectives

Question 4

Performance (Prisp)

Answer 4

Portfolio view, risk responses, ID risks, severity of risks, prioritize risks

Question 5

Review and Revision (ERPC)

Answer 5

ERM improvement, risk and Performance review, Substantial change assessment

Question 6

Information Communication and Reporting (IRR)

Answer 6

leverage Information and tech, Risk communication, Risk, culture and performance reports