A generic term for the senior risk professional engaged in ERM in an enterprise; distinct from "Chief Risk Officer," a title given to some risk professionals who report to senior management.
Who is the Chief Risk Officer (CRO)
100
Traditional risk management is concerned with these two types of risk
What are Hazard and Operational Risk
100
ERM optimizes risk taking in relation to strategic goals. ERM also considers the risk that the organization will outperform its strategic goals, which is referred to as .....
What is Upside Risk
100
Using alternative approaches that eliminate the cause of the risk or its consequences
What is Avoidance
100
This ERM framework provides an effective mechanism for initiating dialogue with an organization's board and senior executives about establishing enterprise-wide risk management (ERM) goals as part of the strategic management process
What is COSO II
200
A chance of loss, no loss, or gain.
What is Speculative Risk
200
These are the two things Traditional Risk Managers are focused on concerning potential losses
What is Preventing or Reducing potential losses
200
One of the differences between traditional risk management (RM) and enterprise-wide risk management (ERM) is in the organizational structure. The chief risk officer in an ERM structure typically reports to this person
Who is the CEO
200
Plan for ways to deal with risk if it occurs
What is Acceptance
200
These entities consist of national risk management associations, individual risk managers from Central European countries, and representatives from health organizations, educational sectors and public sectors
What is The Federation of European Risk Management Associations (FERMA)
300
A chance of loss or no loss, but no chance of gain.
What is Pure Risk
300
TRM is concerned with managing Pure risk. This factor separates Pure risk from Speculative risk
What is no upside or positive outcome
300
ERM emphasizes the interrelationships between these two types of risks
What are Pure and Speculative Risks
300
Assigning risk to a third party
What is Transfer
300
This framework was a joint Aussi/Kiwi standard designed for directors, elected officials, CEO's, senior executives, line managers and staff across a wide range of organizations
What is AS/NZS 4360
400
The core aspects of an organization, including its vision, mission, strategies, infrastructure, policies, offerings, and processes.
What is Business Model
400
This is what is used to measure TRM performance or success
What is an Activity and a Result
400
The chief risk officer helps the enterprise create a risk culture in which individual department heads and project managers are identified as
Who are Risk Owners
400
Taking steps to reduce probability, impact or timing to an acceptable tolerance
What is Mitigation
400
In 2008, this framework was established by the British Standards Institute intended to be a scalable standard that can be used for individuals responsible for RM in organizations in all sectors and sizes of businesses.
What is BS 31000
500
Expands focus on financial and strategic risks, accounting for all eventualities affecting the organization's goals
What is Enterprise-wide Risk Management (ERM)
500
This is who the typical TRM manager reports to
Who are the heads of individual departments ex. finance, operations, legal
500
Enterprise-wide risk management (ERM) considers the global array of risks that affect an organization, which can be represented by a three-dimensional depiction of attributes. These attributes are resources, events, and
What is Impacts
500
Maximizing positive consequences to achieve gains
What is Optimize/Exploit. Remember ERM deals with the possibility of a gain.
500
This framework was designed to provide recommendations and setting an international standard on banking laws and regulations.