Practice Question Set: ERM and Future Trends

Chapter 8. ERM and Future Trends Practice Question Set contains 12 pages covering the following learning objectives:

* Describe Enterprise Risk Management (ERM) and compare an ERM program with a traditional silo-based risk management program.

* Compare the benefits and costs of ERM and describe the motivations for a firm to adopt an ERM initiative.

* Explain best practices for the governance and implementation of an ERM program.

* Describe important dimensions of an ERM program and relate ERM to strategic planning.

* Describe risk culture, explain characteristics of a strong corporate risk culture, and describe challenges to the establishment of a strong risk culture at a firm.

* Explain the role of scenario analysis in the implementation of an ERM program and describe its advantages and disadvantages.

* Explain the use of scenario analysis in stress testing programs and in capital planning.

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