Chapter 3. The Governance of Risk Management Study Notes contains 11 pages covering the following learning objectives:
* Explain changes in corporate risk governance that occurred as a result of the 2007 — 2009 financial crisis.
* Describe best practices for the governance of a firm’s risk management processes.
* Explain the risk management role and responsibilities of a firm’s board of directors.
* Evaluate the relationship between a firm’s risk appetite and its business strategy, including the role of incentives.
* Illustrate the interdependence of functional units within a firm as it relates to risk management.
* Assess the role and responsibilities of a firm’s audit committee.
After reviewing the notes, you will be able to apply what you learned with practice questions.
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