Chapter 8. ERM and Future Trends Study Notes 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.
* Explain best practices for the governance and implementation of an ERM program.
* 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.
After reviewing the notes, you will be able to apply what you learned with practice questions.
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