FIRM

Question 1

What are the four main categories used by a FIRM scorecard

Answer 1

Financial Risks: Risks related to the organisation’s finances, such as loss of revenue or increased costs.
Infrastructure Risks: Risks related to the physical and technological infrastructure of the organisation.
Reputational Risks: Risks that could damage the organisation’s reputation.
Marketplace Risks: Risks related to the organisation’s position and performance in the market.

Question 2

Why would you use a FIRM scorecard

Answer 2

The scorecard is used to:

Identify corporate objectives and stakeholder expectations.
Analyse how each risk could impact key dependencies (essential elements that support core processes).
Facilitate robust risk assessment, reducing the chances of missing significant risks.

Question 3

Which are internal or external risks using FIRM

Answer 3

Internal Risks: Financial and infrastructure risks, which originate within the organisation.
External Risks: Reputational and marketplace risks, which come from outside the organisation.