The FRM Examination is a comprehensive exam testing risk professionals on concepts and approaches related to risk management. The exam focuses on both theoretical and practical applications. The AIM Statements provide the key concepts and suggested readings that form the basis of exam questions. The readings are intended to help candidates understand the major topics covered in each section of the exam. The sections include foundations of risk management, quantitative analysis, financial markets and products, valuation and risk models, market risk measurement and management, credit risk measurement and management, operational and integrated risk management, risk management and investment management, and current issues in financial markets.
The document is a study guide for the 2012 Financial Risk Manager (FRM) Examination. It outlines the topics covered on the exam and provides recommended readings to prepare. The exam tests risk management concepts and their real-world application. It is divided into two parts, with Part I covering foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part II covers market risk measurement and management, and credit risk measurement and management. The study guide provides detailed outlines of the topics covered within each part, as well as the exam weighting for each topic, to help candidates focus their exam preparation.
This document provides an overview of financial markets and institutions. It discusses the key constituents and functions of financial markets including money markets, capital markets, primary markets, secondary markets, and various financial instruments. Some of the key points covered include the roles of financial markets in savings mobilization, investment, and economic growth. It also discusses various market segments like equity markets, debt markets, and money markets. The document provides details on various financial institutions and markets in India as well as the regulatory framework and recent developments in the Indian capital markets.
Financial risk management ppt @ mba financeBabasab Patil
This document provides an overview of financial risk management. It discusses key concepts such as risk, risk stratification, risk management approaches, interest rate risk, and term structure theories. The key points are:
1. Financial risk management involves monitoring risks and managing their impact on a firm. It uses modern finance theories to balance risk taken with expected reward.
2. Risk can be stratified into known probabilities, known parameters but uncertain quantification, unknown causation/interactions, and undiscovered or unmanifested risks.
3. A risk management approach involves identifying, measuring, and adjusting risks through behavior changes, insurance, hedging, and other means. Managing core business risks internally and hedging economic risks
Top of FormChapter 22 PPT - JAA Inc.–A Case Study in Creating Va.docxjuliennehar
Top of Form
Chapter 22 PPT - JAA Inc.–A Case Study in Creating Value from Uncertainty
1. How high do you assess the knowledge level of the business strategy throughout the company by the average employee? Is it your assessment that there is a robust understanding of JAA’s business strategy? Support your position with examples.
2. As you are aware, effective implementation of ISO 31000 involves effective design and implementation of a risk management framework and effective implementation of the risk management processes. This will be verified by incorporation of 11 key principles. Find an example in the case for each of the 11 principles in action.
3. If you compare the internal audit department at JAA to several that you know of currently in the marketplace, what are some of the major differences that you see at JAA that obviously have contributed to superior performance? What is unique and refreshing about the approach to the external audit as compared to what you have seen in industry?
Top of Form
Chapter 25 - Uses of Efficient Frontier Analysis in Strategic Risk Management
1. How does efficient frontier analysis (EFA) differ from other forms of complex risk assessment techniques?
2. What limitations might an analyst encounter through the use of EFA?
3. How can efficient frontier analysis results be communicated and utilized with nonmathematical decision makers?
Requirements:
· API Format, No Plagiarism, You must also use a scholarly source
· As a reminder, you must list every reference that you used to build your response then cite every reference within every sentence that you used it with a properly APA formatted citation (ABC, 2019). Citation is author last name and year.Bottom of FormBottom of Form
· You have to answer every question, No word limit. I need the answers for each and every question separately with citations matched to the references.
· Provide the answers in a word doc file for chap 22 and chap 25, like question and answers for 6 questions.
· I need the answers for each and every question separately with citations matched to the references.
Chapter 22: JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk. This case has several important take aways as follows.
· To study the importance of the communication process to the overall success of a company’s business objectives
· To understand the relationship of strategic objectives, context, stakeholders, and risk criteria and how these play a critical role in the overall effectiveness of risk management
· To understand the changing role for internal and external audit and the demands that are being placed on both groups to step up to the plateTo understand the role of the board and its various committees in a company’s overall effectiveness of risk managementTo understand the key organizations and materials from around the globe that are playing a profound thought leadership role in risk management to further enhance education/thinki ...
This guidance issued by the Malta Association of Risk Management (MARM) is intended to describe a base level of competencies for a professional risk manager to function effectively in any sector. The document covers:
● Roles of the Risk Manager - describes the tasks associated with each role and common or likely requirements supporting the achievement of these tasks
● Required Competencies - outlines the competencies required of a risk manager to effectively carry out the roles the Roles of a Risk Manager
● Demonstrating Competence - outlines ways in which these competencies can be demonstrated to third parties by risk managers
The document is a study guide for the 2012 Financial Risk Manager (FRM) Examination. It outlines the topics covered on the exam and provides recommended readings to prepare. The exam tests risk management concepts and their real-world application. It is divided into two parts, with Part I covering foundations of risk management, quantitative analysis, financial markets and products, and valuation and risk models. Part II covers market risk measurement and management, and credit risk measurement and management. The study guide provides detailed outlines of the topics covered within each part, as well as the exam weighting for each topic, to help candidates focus their exam preparation.
This document provides an overview of financial markets and institutions. It discusses the key constituents and functions of financial markets including money markets, capital markets, primary markets, secondary markets, and various financial instruments. Some of the key points covered include the roles of financial markets in savings mobilization, investment, and economic growth. It also discusses various market segments like equity markets, debt markets, and money markets. The document provides details on various financial institutions and markets in India as well as the regulatory framework and recent developments in the Indian capital markets.
Financial risk management ppt @ mba financeBabasab Patil
This document provides an overview of financial risk management. It discusses key concepts such as risk, risk stratification, risk management approaches, interest rate risk, and term structure theories. The key points are:
1. Financial risk management involves monitoring risks and managing their impact on a firm. It uses modern finance theories to balance risk taken with expected reward.
2. Risk can be stratified into known probabilities, known parameters but uncertain quantification, unknown causation/interactions, and undiscovered or unmanifested risks.
3. A risk management approach involves identifying, measuring, and adjusting risks through behavior changes, insurance, hedging, and other means. Managing core business risks internally and hedging economic risks
Top of FormChapter 22 PPT - JAA Inc.–A Case Study in Creating Va.docxjuliennehar
Top of Form
Chapter 22 PPT - JAA Inc.–A Case Study in Creating Value from Uncertainty
1. How high do you assess the knowledge level of the business strategy throughout the company by the average employee? Is it your assessment that there is a robust understanding of JAA’s business strategy? Support your position with examples.
2. As you are aware, effective implementation of ISO 31000 involves effective design and implementation of a risk management framework and effective implementation of the risk management processes. This will be verified by incorporation of 11 key principles. Find an example in the case for each of the 11 principles in action.
3. If you compare the internal audit department at JAA to several that you know of currently in the marketplace, what are some of the major differences that you see at JAA that obviously have contributed to superior performance? What is unique and refreshing about the approach to the external audit as compared to what you have seen in industry?
Top of Form
Chapter 25 - Uses of Efficient Frontier Analysis in Strategic Risk Management
1. How does efficient frontier analysis (EFA) differ from other forms of complex risk assessment techniques?
2. What limitations might an analyst encounter through the use of EFA?
3. How can efficient frontier analysis results be communicated and utilized with nonmathematical decision makers?
Requirements:
· API Format, No Plagiarism, You must also use a scholarly source
· As a reminder, you must list every reference that you used to build your response then cite every reference within every sentence that you used it with a properly APA formatted citation (ABC, 2019). Citation is author last name and year.Bottom of FormBottom of Form
· You have to answer every question, No word limit. I need the answers for each and every question separately with citations matched to the references.
· Provide the answers in a word doc file for chap 22 and chap 25, like question and answers for 6 questions.
· I need the answers for each and every question separately with citations matched to the references.
Chapter 22: JAA Inc.—A Case Study in Creating Value from Uncertainty: Best Practices in Managing Risk. This case has several important take aways as follows.
· To study the importance of the communication process to the overall success of a company’s business objectives
· To understand the relationship of strategic objectives, context, stakeholders, and risk criteria and how these play a critical role in the overall effectiveness of risk management
· To understand the changing role for internal and external audit and the demands that are being placed on both groups to step up to the plateTo understand the role of the board and its various committees in a company’s overall effectiveness of risk managementTo understand the key organizations and materials from around the globe that are playing a profound thought leadership role in risk management to further enhance education/thinki ...
This guidance issued by the Malta Association of Risk Management (MARM) is intended to describe a base level of competencies for a professional risk manager to function effectively in any sector. The document covers:
● Roles of the Risk Manager - describes the tasks associated with each role and common or likely requirements supporting the achievement of these tasks
● Required Competencies - outlines the competencies required of a risk manager to effectively carry out the roles the Roles of a Risk Manager
● Demonstrating Competence - outlines ways in which these competencies can be demonstrated to third parties by risk managers
5/24/2020 Originality Report
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Running head: ERM 2
ERM 2
Assignment – 2 Nihang Shah
University of the Cumberland’s
05.24.2020
Question one
I do believe the fact that ERM plays a vital role by evolving more so when the world is evolving. It can be stated that ERM has been in the process of
expanding and ensuring that it has various visions and ideas. It can be stated that through the use of ERM, one is able to come up with various bugs
that will play a significant role in the oversight. As Felix Kloman depicts in his section "A Brief History of Risk Management," a considerable lot of
the ideas return an exceptionally prolonged stretch of time and a significant number of the purported newfound procedures can be referenced to
the previous works and practices portrayed by Kloman. In any case, it is just from around the mid-1990s that the idea of giving a name to overseeing
dangers in an all-encompassing manner over the many working storehouses of an endeavour began to grab hold. During the 1990s, terms, for ex-
ample, incorporated risk the executives and enterprise-wide chance administration were likewise utilized. Many idea pioneers, for instance, the indi-
viduals who made ISO 31000, accept that the term risk the executives is all that is expected to portray great risk the board; in any case, numerous
others accept that the last term is regularly used to depict chance administration at the lower dimensions of the association and does not really
catch the ideas of big business level ways to deal with risk. As ERM keeps on developing there is still much exchange and perplexity over precisely
what it is and how it ought to be accomplished. Realize that it is as yet advancing and may take a lot more years before it is completely systematized
d li h d i li bl T th b t ld th i il f ti th t th i j t i l th d f d i ERM (Li b b
1
2
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Gandu Discussion-14COLLAPSETop of FormThe ERM implementati.docxshericehewat
Gandu
Discussion-14
COLLAPSE
Top of Form
The ERM implementation at Workers’ Compensation Fund and Zurich Insurance Group are similar in many ways. For example, both organizations have an established Chief Risk Officer (CRO) with distinct roles. The CRO position at Workers’ Compensation Fund was established in 2010, and the purpose of the office was to develop and monitor the organization’s ERM strategy, processes, and policies as directed by the CEO, the Risk Oversight Committee, and the Board (Fraser, Simkins, and Narvaez, 2014, p. 209-10). Zurich Insurance Group also has a CRO whose central role is to provide the CEO, the Board, and the Risk Committee with risk-related information (Fraser et al., 2014, p. 258-59). Besides having similar roles, the CROs of both organizations report to the same authorities.
Both organizations also have an independent risk audit. At the Workers’ Compensation Fund, auditing is external, and the CRO introduced it in 2011 as a "third-party review” (Fraser et al., 2014, p. 215). Similarly, Zurich Insurance Group consults external expertise on risk matters. For example, the company seeks external knowledge from the Natural Catastrophe Advisory Council (Fraser et al., 2014, p. 261). Zurich Insurance Group, however, has an internal audit function that forms the "third line of defense" in its risk governance approach (p. 256). Another aspect that is conspicuously similar between the two organizations is the role of the Board in ERM. Both companies have a risk committee made up of board members. Workers’ Compensation Fund, the board’s ERM functions are carried out through the Risk Oversight Committee. At Zurich Insurance Group, a Board-level Risk Committee exists, and it defines the Board's Role in ERM. Also, ERM is considered a part of all business operations, including strategic planning and budgeting.
The implementation of ERM depends on the size of an organization and the level of risks it faces. In implementing an ERM, I would follow the strategies used by these two organizations because they offer a clear path to achieving ERM. A step-by-step process used to implement ERM is depicted, and it is initiated and governed by not only the CRO but also the CEO and the Board. In the future, ERM implementation will get better. New risk assessment matrices will make risk identification more comfortable, and the role of CRO's will become easier when all members of the organization, including CEOs and the Board of Directors, assume active roles in ERM implementation.
Reference
Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. John Wiley & Sons.
Bottom of Form
Thumma
Discussion
COLLAPSE
Top of Form
The initial phase in making a successful hazard the executives framework is to comprehend the subjective differentiations among the kinds of dangers that associations face. Our field explore shows that dangers can be categorized as one of three classificatio ...
Banking industry Hot Topics - Forum in New OrleansGrant Thornton
Enterprise risk management (ERM) is a critical topic for banks given increased regulatory scrutiny and uncertainty in the market. The panel discussion at the ABA Risk Management Forum highlighted the value of ERM in improving decision making and preventing high-impact risks. While ERM is important, many organizations struggle with implementation due to issues like not embedding it in the culture or focusing too broadly. The discussion provided practical tips for understanding key ERM concepts and implementing it through a step-by-step process.
Risk Management Certification White Paper Feb 2010
Understanding the value of the two Risk Management Certifications. PRMIA and GARP are the two largest organizations in the Risk Management space. Their certifications are PRM and FRM
The document summarizes the Professional Risk Manager (PRM) certification program. The PRM program consists of four exams that can be taken individually over two years to test knowledge across risk management topics. It was designed by industry leaders through PRMIA to be the global standard for risk professionals and to integrate both theory and practice. The program aims to promote high ethical standards globally and be transparent and member-focused.
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
ITS 835Chapters 30, 31, 34Miscellaneous Case Studies on .docxvrickens
ITS 835
Chapters 30, 31, 34
Miscellaneous Case Studies on ERM and RIsk
Enterprise Risk Management
Professor Miguel Buleje
Overview
• Three case studies
• Alleged Corruption at Chessfield
• Bon Boulangerie
• Building an ERM Program at General Motors
• Different scenarios and organizations
• Useful in examining broader implications
• Look for similarities
Alleged Corruption at Chessfield
• Chessfield
• Fictional private American company in sports and entertainment
• HQ in NYC
• “Good ol’ boys” board
• Informal governance
• Whistle-blower
• CEO compensation very high (4x comparable peers)
• Potential environment for excessive risk taking
• Chessfield CEO requested independent governance
review
Chessfield, cont’d.
• Review included
• Document review – minimal documentation
• Interviews – substantial discontent and lack of confidence in
leadership
• CEO compensation
• Limited documentation to support decision
• Basis seemed to be long relationship with decision makers
• Industry standard metrics missing
• Risk management
• Few risk management protocols or controls
• Most processes were manual (i.e. no IT)
Chessfield, cont’d.
• Review resulted in 45 recommendations
• 43 from reviewer
• 2 added by regulator
• All but 2 recommendations were accepted, which were
• 3 longest serving board member resign
• A female be selected for directorship and compensation
committee
• Identify broad implications of this case
Bon Boulangerie
• Bakery in Oakville, Ontario
• When purchased, single site retail and café
• Ray Pane added wholesale operation
• Plan to expand wholesale business
• From 20km to 120km coverage
• Include grocery stores
• Add product line
• Goal: triple profits in 3 years
• What are the operational risks?
Building an ERM Program at General
Motors
• Background
• GM approach to ERM
• Game theory
• Looking forward
ERM at GM Background
• ERM program began in 2010
• ERM to help achieve competitive advantage
• New CEO
• GM bankruptcy in 2009
• CRO appointed
• Financial and Risk Policy Committee formed
• Risk officers identified and aligned to all CEO direct
reports
• GM embraced aggressive ERM
GM Approach to ERM
• ERM built on GM’s vision
• Design, build, and sell the world’s best vehicles
• Identify and manage key risks
• Bottom-up approach
• Focus on “what can go right”
• Lessons learned
• Gave responsibility of assessing risk probability and impact to senior
executives
• Replaced ranked risk list with tiered list
• Implemented a 5 point scale to measure
• Inherent risk
• Current risk
• Residual risk
Game Theory
Looking Forward
• Top risk attention in place
• Ready to add focus on day-to-day operational risks
• Developing program for operational control self-
assessment (CSA)
• Approach is a policy-based CSA
• Starts with simple yes-no questions to line managers
• Benefits of a policy-based program
• Policy can be leveraged to ensure results
• Helps to educ ...
This document provides an outline and readings for the 2007 FRM Examination. It outlines the five risk-related disciplines covered in the exam, including Quantitative Analysis (10%), Market Risk Measurement and Management (30%), Credit Risk Measurement and Management (25%), Operational and Integrated Risk Management and Legal (25%), and Risk Management and Investment Management (10%). For each discipline, it lists relevant topics and recommended readings to assist candidates in preparing for the exam. It emphasizes that the exam tests both theoretical and practical risk management concepts and how they apply to real-world situations.
Paradigm Paralysis in ERM & IA EB7_p48-51 Tim Leech v2Tim Leech
The document discusses the need for a paradigm shift in enterprise risk management (ERM) and internal audit approaches from a risk-centric model to an objective-centric model. It argues the current risk-centric models that rely on risk registers are flawed because they look at risks in isolation rather than linking them to organizational objectives. It proposes boards require management to regularly report on residual risk status linked to key value creation and preservation objectives. This would position management as primarily responsible for risk assessment rather than traditional ERM and internal audit groups. It acknowledges there are significant barriers to change, including guidance materials, skills gaps, and reluctance to change entrenched practices.
Operations Management MGT 320 – Spring 2020Additional As.docxamit657720
Operations Management MGT 320 – Spring 2020
Additional Assessment (11.5 %) – Chapter 3
Start Date: 26 April 2020 - 8:00 pm
Due Date: 21 May 2020 - 11:59 pm
(Note: please upload your answer on Moodle using Additional Assessment Submission Link)
Student Name:
Student ID:
Section:
1. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
Month
Products sold
3WMA Forecast
Exp. Smoothing Forecast
1
511
2
524
3
522
4
522
5
533
6
540
7
552
8
a. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight. (15 Points)
b. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2 (20 Points)
c. Compare the two methods using MSE as a measure of error. Which method is better for this data? (15 Points)
2. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique. (30 Points)
3. Briefly describe the four components of time series data. (20 Points)
The End
1
Additional Assessment (11.5 %) Spring 2020
www.it-ebooks.info
http://www.it-ebooks.info/
www.it-ebooks.info
http://www.it-ebooks.info/
Additional Praise for
Implementing Enterprise Risk Management
“Educators the world over seeking to make the management of risk an integral part
of management degrees have had great difficulties in providing their students with
a definitive ERM text for their course. The Standards and associated Handbooks
helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud-
ies and Best Practices, there has been no text to enlighten students on the application
of an effective program to manage risk across an enterprise so that objectives are
maximized and threats minimized. Fraser, Simkins, and Narvaez have combined
with a group of contributors that represent the cream of risk practitioners, to pro-
vide the reader with a clear and concise journey through the management of risk
within a wide range of organizations and industries. The knowledge, skills, and
experience in the management of risk contained within the covers of this book are
second to none. It will provide a much needed resource to students and practition-
ers for many years to come and should become a well-used reference on the desk
of every manager of risk.”
—Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management
“The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to
advance the science of enterprise risk management by collecting an extensive num-
ber of wonderful case studies that describe innovative risk management practices
in a dive.
Operations Management MGT 320 – Spring 2020Additional As.docxmccormicknadine86
Operations Management MGT 320 – Spring 2020
Additional Assessment (11.5 %) – Chapter 3
Start Date: 26 April 2020 - 8:00 pm
Due Date: 21 May 2020 - 11:59 pm
(Note: please upload your answer on Moodle using Additional Assessment Submission Link)
Student Name:
Student ID:
Section:
1. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
Month
Products sold
3WMA Forecast
Exp. Smoothing Forecast
1
511
2
524
3
522
4
522
5
533
6
540
7
552
8
a. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight. (15 Points)
b. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2 (20 Points)
c. Compare the two methods using MSE as a measure of error. Which method is better for this data? (15 Points)
2. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique. (30 Points)
3. Briefly describe the four components of time series data. (20 Points)
The End
1
Additional Assessment (11.5 %) Spring 2020
www.it-ebooks.info
http://www.it-ebooks.info/
www.it-ebooks.info
http://www.it-ebooks.info/
Additional Praise for
Implementing Enterprise Risk Management
“Educators the world over seeking to make the management of risk an integral part
of management degrees have had great difficulties in providing their students with
a definitive ERM text for their course. The Standards and associated Handbooks
helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud-
ies and Best Practices, there has been no text to enlighten students on the application
of an effective program to manage risk across an enterprise so that objectives are
maximized and threats minimized. Fraser, Simkins, and Narvaez have combined
with a group of contributors that represent the cream of risk practitioners, to pro-
vide the reader with a clear and concise journey through the management of risk
within a wide range of organizations and industries. The knowledge, skills, and
experience in the management of risk contained within the covers of this book are
second to none. It will provide a much needed resource to students and practition-
ers for many years to come and should become a well-used reference on the desk
of every manager of risk.”
—Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management
“The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to
advance the science of enterprise risk management by collecting an extensive num-
ber of wonderful case studies that describe innovative risk management practices
in a dive.
This document discusses enterprise risk management (ERM) and provides an overview of two popular ERM frameworks: the COSO framework and Protiviti risk model. The COSO framework consists of eight components that are integrated with the management process, including internal environment, objective setting, event identification, risk assessment, risk response, control activities, information & communication, and monitoring. ERM takes a broader view of risk beyond just operational risks, and provides organizations with a more holistic understanding of risks across the business to help with decision making. The authors are conducting a research project to develop a practical risk analysis and knowledge management tool to generate more reliable risk information for decision makers.
The document is a self-assessment template for firms to evaluate their risk management practices against recommendations from five 2008 studies on the global banking crisis. It includes 32 assessment topics clustered into themes. The template lists the original recommendations and observations, attributed to their source study. It is intended to provide transparency for a self-assessment exercise conducted by firms at the request of the Senior Supervisors Group. The template streamlines the language from the source materials without altering their meaning or intent.
The document outlines the syllabus for the Financial Risk Manager (FRM) Exam. It is divided into two parts. Part I covers key risk management concepts like corporate risk governance, portfolio construction, asset pricing models, and risk management frameworks. It tests quantitative analysis techniques, financial products and markets, and valuation and risk models. Part II applies these risk management tools in greater depth to areas like market, credit, operational, and investment risk management. It also addresses current issues in financial markets. The goal is to evaluate candidates' understanding of theoretical and practical applications of risk management principles.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can originate from external and internal factors and threaten an organization's objectives. Following the risk assessment, risks are evaluated, treated, monitored, and reported on to support strategic decision making and increase organizational efficiency. Regularly updating the standard based on best practices will help risk management remain an effective process.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can stem from external or internal factors and impact an organization's strategic objectives. Conducting risk management helps organizations achieve goals, improve decision making, and enhance resilience by understanding uncertainties. The standard aims to promote best practices for managing opportunities and threats.
1) This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2) The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3) Risks can stem from external and internal factors and be categorized as strategic, financial, operational, hazard or compliance-related. A risk profile prioritizes risks to focus treatment efforts. Communication of risks and risk management performance is important for internal and external
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks for an organization. Examples of risk categories include strategic, operational, financial, compliance and knowledge-based risks. Carrying out risk assessment and prioritizing risks is important for informed decision-making.
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into the organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks facing an organization. A variety of techniques can be used to analyze risks, and the results should be communicated to stakeholders and used to prioritize risks for further action.
5/24/2020 Originality Report
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%93
%7
SafeAssign Originality Report
Summer 2020 - Enterprise Risk Management (ITS-83… • Assignment #2
%100Total Score: High risk
Nihang Pareshkumar Shah
Submission UUID: d05527ba-9ddf-4e04-d686-ac75bc08b111
Total Number of Reports
1
Highest Match
100 %
Assignment-2.docx
Average Match
100 %
Submitted on
05/24/20
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Running head: ERM 2
ERM 2
Assignment – 2 Nihang Shah
University of the Cumberland’s
05.24.2020
Question one
I do believe the fact that ERM plays a vital role by evolving more so when the world is evolving. It can be stated that ERM has been in the process of
expanding and ensuring that it has various visions and ideas. It can be stated that through the use of ERM, one is able to come up with various bugs
that will play a significant role in the oversight. As Felix Kloman depicts in his section "A Brief History of Risk Management," a considerable lot of
the ideas return an exceptionally prolonged stretch of time and a significant number of the purported newfound procedures can be referenced to
the previous works and practices portrayed by Kloman. In any case, it is just from around the mid-1990s that the idea of giving a name to overseeing
dangers in an all-encompassing manner over the many working storehouses of an endeavour began to grab hold. During the 1990s, terms, for ex-
ample, incorporated risk the executives and enterprise-wide chance administration were likewise utilized. Many idea pioneers, for instance, the indi-
viduals who made ISO 31000, accept that the term risk the executives is all that is expected to portray great risk the board; in any case, numerous
others accept that the last term is regularly used to depict chance administration at the lower dimensions of the association and does not really
catch the ideas of big business level ways to deal with risk. As ERM keeps on developing there is still much exchange and perplexity over precisely
what it is and how it ought to be accomplished. Realize that it is as yet advancing and may take a lot more years before it is completely systematized
d li h d i li bl T th b t ld th i il f ti th t th i j t i l th d f d i ERM (Li b b
1
2
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Gandu Discussion-14COLLAPSETop of FormThe ERM implementati.docxshericehewat
Gandu
Discussion-14
COLLAPSE
Top of Form
The ERM implementation at Workers’ Compensation Fund and Zurich Insurance Group are similar in many ways. For example, both organizations have an established Chief Risk Officer (CRO) with distinct roles. The CRO position at Workers’ Compensation Fund was established in 2010, and the purpose of the office was to develop and monitor the organization’s ERM strategy, processes, and policies as directed by the CEO, the Risk Oversight Committee, and the Board (Fraser, Simkins, and Narvaez, 2014, p. 209-10). Zurich Insurance Group also has a CRO whose central role is to provide the CEO, the Board, and the Risk Committee with risk-related information (Fraser et al., 2014, p. 258-59). Besides having similar roles, the CROs of both organizations report to the same authorities.
Both organizations also have an independent risk audit. At the Workers’ Compensation Fund, auditing is external, and the CRO introduced it in 2011 as a "third-party review” (Fraser et al., 2014, p. 215). Similarly, Zurich Insurance Group consults external expertise on risk matters. For example, the company seeks external knowledge from the Natural Catastrophe Advisory Council (Fraser et al., 2014, p. 261). Zurich Insurance Group, however, has an internal audit function that forms the "third line of defense" in its risk governance approach (p. 256). Another aspect that is conspicuously similar between the two organizations is the role of the Board in ERM. Both companies have a risk committee made up of board members. Workers’ Compensation Fund, the board’s ERM functions are carried out through the Risk Oversight Committee. At Zurich Insurance Group, a Board-level Risk Committee exists, and it defines the Board's Role in ERM. Also, ERM is considered a part of all business operations, including strategic planning and budgeting.
The implementation of ERM depends on the size of an organization and the level of risks it faces. In implementing an ERM, I would follow the strategies used by these two organizations because they offer a clear path to achieving ERM. A step-by-step process used to implement ERM is depicted, and it is initiated and governed by not only the CRO but also the CEO and the Board. In the future, ERM implementation will get better. New risk assessment matrices will make risk identification more comfortable, and the role of CRO's will become easier when all members of the organization, including CEOs and the Board of Directors, assume active roles in ERM implementation.
Reference
Fraser, J., Simkins, B., & Narvaez, K. (2014). Implementing enterprise risk management: Case studies and best practices. John Wiley & Sons.
Bottom of Form
Thumma
Discussion
COLLAPSE
Top of Form
The initial phase in making a successful hazard the executives framework is to comprehend the subjective differentiations among the kinds of dangers that associations face. Our field explore shows that dangers can be categorized as one of three classificatio ...
Banking industry Hot Topics - Forum in New OrleansGrant Thornton
Enterprise risk management (ERM) is a critical topic for banks given increased regulatory scrutiny and uncertainty in the market. The panel discussion at the ABA Risk Management Forum highlighted the value of ERM in improving decision making and preventing high-impact risks. While ERM is important, many organizations struggle with implementation due to issues like not embedding it in the culture or focusing too broadly. The discussion provided practical tips for understanding key ERM concepts and implementing it through a step-by-step process.
Risk Management Certification White Paper Feb 2010
Understanding the value of the two Risk Management Certifications. PRMIA and GARP are the two largest organizations in the Risk Management space. Their certifications are PRM and FRM
The document summarizes the Professional Risk Manager (PRM) certification program. The PRM program consists of four exams that can be taken individually over two years to test knowledge across risk management topics. It was designed by industry leaders through PRMIA to be the global standard for risk professionals and to integrate both theory and practice. The program aims to promote high ethical standards globally and be transparent and member-focused.
This presentation provides a comprehensive plan for implementing an enterprise risk management program. It covers the costs/benefits of an ERM program, the critical knowledge, skills and abilities of a Chief Risk Officer, a risk taxonomy for insurance firms, a hypothetical organizational structure for an electric utility, a sample risk register, and other useful information.
ITS 835Chapters 30, 31, 34Miscellaneous Case Studies on .docxvrickens
ITS 835
Chapters 30, 31, 34
Miscellaneous Case Studies on ERM and RIsk
Enterprise Risk Management
Professor Miguel Buleje
Overview
• Three case studies
• Alleged Corruption at Chessfield
• Bon Boulangerie
• Building an ERM Program at General Motors
• Different scenarios and organizations
• Useful in examining broader implications
• Look for similarities
Alleged Corruption at Chessfield
• Chessfield
• Fictional private American company in sports and entertainment
• HQ in NYC
• “Good ol’ boys” board
• Informal governance
• Whistle-blower
• CEO compensation very high (4x comparable peers)
• Potential environment for excessive risk taking
• Chessfield CEO requested independent governance
review
Chessfield, cont’d.
• Review included
• Document review – minimal documentation
• Interviews – substantial discontent and lack of confidence in
leadership
• CEO compensation
• Limited documentation to support decision
• Basis seemed to be long relationship with decision makers
• Industry standard metrics missing
• Risk management
• Few risk management protocols or controls
• Most processes were manual (i.e. no IT)
Chessfield, cont’d.
• Review resulted in 45 recommendations
• 43 from reviewer
• 2 added by regulator
• All but 2 recommendations were accepted, which were
• 3 longest serving board member resign
• A female be selected for directorship and compensation
committee
• Identify broad implications of this case
Bon Boulangerie
• Bakery in Oakville, Ontario
• When purchased, single site retail and café
• Ray Pane added wholesale operation
• Plan to expand wholesale business
• From 20km to 120km coverage
• Include grocery stores
• Add product line
• Goal: triple profits in 3 years
• What are the operational risks?
Building an ERM Program at General
Motors
• Background
• GM approach to ERM
• Game theory
• Looking forward
ERM at GM Background
• ERM program began in 2010
• ERM to help achieve competitive advantage
• New CEO
• GM bankruptcy in 2009
• CRO appointed
• Financial and Risk Policy Committee formed
• Risk officers identified and aligned to all CEO direct
reports
• GM embraced aggressive ERM
GM Approach to ERM
• ERM built on GM’s vision
• Design, build, and sell the world’s best vehicles
• Identify and manage key risks
• Bottom-up approach
• Focus on “what can go right”
• Lessons learned
• Gave responsibility of assessing risk probability and impact to senior
executives
• Replaced ranked risk list with tiered list
• Implemented a 5 point scale to measure
• Inherent risk
• Current risk
• Residual risk
Game Theory
Looking Forward
• Top risk attention in place
• Ready to add focus on day-to-day operational risks
• Developing program for operational control self-
assessment (CSA)
• Approach is a policy-based CSA
• Starts with simple yes-no questions to line managers
• Benefits of a policy-based program
• Policy can be leveraged to ensure results
• Helps to educ ...
This document provides an outline and readings for the 2007 FRM Examination. It outlines the five risk-related disciplines covered in the exam, including Quantitative Analysis (10%), Market Risk Measurement and Management (30%), Credit Risk Measurement and Management (25%), Operational and Integrated Risk Management and Legal (25%), and Risk Management and Investment Management (10%). For each discipline, it lists relevant topics and recommended readings to assist candidates in preparing for the exam. It emphasizes that the exam tests both theoretical and practical risk management concepts and how they apply to real-world situations.
Paradigm Paralysis in ERM & IA EB7_p48-51 Tim Leech v2Tim Leech
The document discusses the need for a paradigm shift in enterprise risk management (ERM) and internal audit approaches from a risk-centric model to an objective-centric model. It argues the current risk-centric models that rely on risk registers are flawed because they look at risks in isolation rather than linking them to organizational objectives. It proposes boards require management to regularly report on residual risk status linked to key value creation and preservation objectives. This would position management as primarily responsible for risk assessment rather than traditional ERM and internal audit groups. It acknowledges there are significant barriers to change, including guidance materials, skills gaps, and reluctance to change entrenched practices.
Operations Management MGT 320 – Spring 2020Additional As.docxamit657720
Operations Management MGT 320 – Spring 2020
Additional Assessment (11.5 %) – Chapter 3
Start Date: 26 April 2020 - 8:00 pm
Due Date: 21 May 2020 - 11:59 pm
(Note: please upload your answer on Moodle using Additional Assessment Submission Link)
Student Name:
Student ID:
Section:
1. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
Month
Products sold
3WMA Forecast
Exp. Smoothing Forecast
1
511
2
524
3
522
4
522
5
533
6
540
7
552
8
a. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight. (15 Points)
b. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2 (20 Points)
c. Compare the two methods using MSE as a measure of error. Which method is better for this data? (15 Points)
2. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique. (30 Points)
3. Briefly describe the four components of time series data. (20 Points)
The End
1
Additional Assessment (11.5 %) Spring 2020
www.it-ebooks.info
http://www.it-ebooks.info/
www.it-ebooks.info
http://www.it-ebooks.info/
Additional Praise for
Implementing Enterprise Risk Management
“Educators the world over seeking to make the management of risk an integral part
of management degrees have had great difficulties in providing their students with
a definitive ERM text for their course. The Standards and associated Handbooks
helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud-
ies and Best Practices, there has been no text to enlighten students on the application
of an effective program to manage risk across an enterprise so that objectives are
maximized and threats minimized. Fraser, Simkins, and Narvaez have combined
with a group of contributors that represent the cream of risk practitioners, to pro-
vide the reader with a clear and concise journey through the management of risk
within a wide range of organizations and industries. The knowledge, skills, and
experience in the management of risk contained within the covers of this book are
second to none. It will provide a much needed resource to students and practition-
ers for many years to come and should become a well-used reference on the desk
of every manager of risk.”
—Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management
“The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to
advance the science of enterprise risk management by collecting an extensive num-
ber of wonderful case studies that describe innovative risk management practices
in a dive.
Operations Management MGT 320 – Spring 2020Additional As.docxmccormicknadine86
Operations Management MGT 320 – Spring 2020
Additional Assessment (11.5 %) – Chapter 3
Start Date: 26 April 2020 - 8:00 pm
Due Date: 21 May 2020 - 11:59 pm
(Note: please upload your answer on Moodle using Additional Assessment Submission Link)
Student Name:
Student ID:
Section:
1. Following table shows the sales of smart phones for the past several months. Use this data to answer the following questions.
Month
Products sold
3WMA Forecast
Exp. Smoothing Forecast
1
511
2
524
3
522
4
522
5
533
6
540
7
552
8
a. Find the forecast for month 8 using 3 month weighted moving average (3WMA) with weights (0.5, 0.3 and 0.2). The most recent day having the most weight. (15 Points)
b. Find the forecast for month 8 using exponential smoothing with the smoothing constant 0.2 (20 Points)
c. Compare the two methods using MSE as a measure of error. Which method is better for this data? (15 Points)
2. What does qualitative forecasting mean? When is qualitative forecasting used? Describe two qualitative techniques and indicate at least two advantages and two disadvantages for each technique. (30 Points)
3. Briefly describe the four components of time series data. (20 Points)
The End
1
Additional Assessment (11.5 %) Spring 2020
www.it-ebooks.info
http://www.it-ebooks.info/
www.it-ebooks.info
http://www.it-ebooks.info/
Additional Praise for
Implementing Enterprise Risk Management
“Educators the world over seeking to make the management of risk an integral part
of management degrees have had great difficulties in providing their students with
a definitive ERM text for their course. The Standards and associated Handbooks
helped, but until the arrival of Implementing Enterprise Risk Management: Case Stud-
ies and Best Practices, there has been no text to enlighten students on the application
of an effective program to manage risk across an enterprise so that objectives are
maximized and threats minimized. Fraser, Simkins, and Narvaez have combined
with a group of contributors that represent the cream of risk practitioners, to pro-
vide the reader with a clear and concise journey through the management of risk
within a wide range of organizations and industries. The knowledge, skills, and
experience in the management of risk contained within the covers of this book are
second to none. It will provide a much needed resource to students and practition-
ers for many years to come and should become a well-used reference on the desk
of every manager of risk.”
—Kevin W. Knight AM, chairman, ISO/TC 262—Risk Management
“The authors—Fraser, Simkins, and Narvaez—have done an invaluable service to
advance the science of enterprise risk management by collecting an extensive num-
ber of wonderful case studies that describe innovative risk management practices
in a dive.
This document discusses enterprise risk management (ERM) and provides an overview of two popular ERM frameworks: the COSO framework and Protiviti risk model. The COSO framework consists of eight components that are integrated with the management process, including internal environment, objective setting, event identification, risk assessment, risk response, control activities, information & communication, and monitoring. ERM takes a broader view of risk beyond just operational risks, and provides organizations with a more holistic understanding of risks across the business to help with decision making. The authors are conducting a research project to develop a practical risk analysis and knowledge management tool to generate more reliable risk information for decision makers.
The document is a self-assessment template for firms to evaluate their risk management practices against recommendations from five 2008 studies on the global banking crisis. It includes 32 assessment topics clustered into themes. The template lists the original recommendations and observations, attributed to their source study. It is intended to provide transparency for a self-assessment exercise conducted by firms at the request of the Senior Supervisors Group. The template streamlines the language from the source materials without altering their meaning or intent.
The document outlines the syllabus for the Financial Risk Manager (FRM) Exam. It is divided into two parts. Part I covers key risk management concepts like corporate risk governance, portfolio construction, asset pricing models, and risk management frameworks. It tests quantitative analysis techniques, financial products and markets, and valuation and risk models. Part II applies these risk management tools in greater depth to areas like market, credit, operational, and investment risk management. It also addresses current issues in financial markets. The goal is to evaluate candidates' understanding of theoretical and practical applications of risk management principles.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can originate from external and internal factors and threaten an organization's objectives. Following the risk assessment, risks are evaluated, treated, monitored, and reported on to support strategic decision making and increase organizational efficiency. Regularly updating the standard based on best practices will help risk management remain an effective process.
This standard provides guidelines for conducting risk management. It defines key terms like risk and outlines the risk management process. The process involves risk assessment, which includes risk identification, analysis, and evaluation. Risks can stem from external or internal factors and impact an organization's strategic objectives. Conducting risk management helps organizations achieve goals, improve decision making, and enhance resilience by understanding uncertainties. The standard aims to promote best practices for managing opportunities and threats.
1) This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2) The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3) Risks can stem from external and internal factors and be categorized as strategic, financial, operational, hazard or compliance-related. A risk profile prioritizes risks to focus treatment efforts. Communication of risks and risk management performance is important for internal and external
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into an organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks for an organization. Examples of risk categories include strategic, operational, financial, compliance and knowledge-based risks. Carrying out risk assessment and prioritizing risks is important for informed decision-making.
1. This document presents a Risk Management Standard published jointly by three major risk management organizations in the UK. It provides terminology, processes, organizational structures, and objectives for effective risk management.
2. The standard recognizes that risk management involves both upside opportunities and downside threats. It should be integrated into the organization's culture and strategy to help achieve objectives. The core components of the risk management process include risk identification, analysis, evaluation, and treatment.
3. External and internal factors can both drive key risks facing an organization. A variety of techniques can be used to analyze risks, and the results should be communicated to stakeholders and used to prioritize risks for further action.
3. 2013 FRM Examination
Table of Contents
Part I AIM Statements
Foundations of Risk Management........................................................................................3
Quantitative Analysis.................................................................................................................7
Financial Markets and Products...........................................................................................12
Valuation and Risk Models.....................................................................................................19
Part II AIM Statements
Market Risk Measurement and Management ................................................................29
Credit Risk Measurement and Management..................................................................36
Operational and Integrated Risk Management ............................................................44
Risk Management and Investment Management.........................................................53
Current Issues in Financial Markets ...................................................................................59