Chapter 8. ERM and Future Trends Practice Question Set contains 11 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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