Definitions
TRM
ERM
Techniques for Treating Strategic Risks
RM Frameworks and Standards
100
The effect of uncertainty on objectives
What is Risk?
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
The organization’s desired gain or loss in value
What is Risk Position
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
The amount of uncertainty an organization is willing to pursue, or to accept, to attain its risk management goals.
What is Risk Appetite
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 organizations should take all steps that are reasonably possible to ensure the health, safety and well – being of employee and protect them from foreseeable injury.
What is Duty of care
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
Protocol that an organization implements when identified risk event occurs
What is Contingency Plan?
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.
What is Basel II
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