BUISENESS MANAGEMENT
RISK MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Applicable to financial risk and accidental risk because they are transferable risks
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Risk Averse
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Occurs within one business department
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An integrated approach with a holistic view
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Detailed explanation-1: -Integrated risk management (IRM) is a set of practices and processes supported by a risk-aware culture and enabling technologies, that improves decision making and performance through an integrated view of how well an organization manages its unique set of risks.
Detailed explanation-2: -Enterprise Risk Management (ERM) is often considered a holistic approach to proactively identify and mitigate risk and is used in conjunction or as a program replacement for HRM. Risk assessments support HRM by breaking down the traditional risk silos and opening the way for integrated risk management.
Detailed explanation-3: -Holistic ERM provides an approach that is vital to fulfilling and excelling in the leadership mandate. This approach involves scaling risk management programs to the purpose of the organization, which may require continuous development and management, rather than scaling risk assessments to fit their planning cycle.
Detailed explanation-4: -Holistic Risk Management is the process by which an organization firstly identifies and quantifies all of the threats to its objectives, and having done so manages those threats within, or by adapting, its existing management structure.