Understanding Enterprise Risk Management 2

What are the key techniques used in risk assessment?

• Market research

• Qualitative analysis, quantitative analysis, risk matrix, scenario analysis

• Cost-benefit analysis

• SWOT analysis

Describe a common risk mitigation strategy used in enterprises.

• Increasing the number of team meetings to discuss risks.

• Implementation of a comprehensive risk management framework.

• Implementing a strict dress code policy.

• Conducting regular employee training sessions.

What are the main regulatory compliance issues organizations face?

• Tax evasion strategies

• Data protection laws, industry-specific regulations, anti-money laundering requirements, environmental regulations, labor laws.

• Customer loyalty programs

• Social media marketing tactics

How should a crisis management plan be structured?

• A crisis management plan is unnecessary for small businesses.

• A crisis management plan should include an introduction, risk assessment, response team, communication plan, action plan, training and drills, and a review process.

• A crisis management plan should only focus on financial recovery.

• A crisis management plan should be a one-time document without updates.

What are the components of an effective enterprise risk framework?

• Risk strategy, risk allocation, risk execution, risk review, and risk feedback.

• Risk analysis, risk documentation, risk implementation, risk evaluation, and risk closure.

• Risk identification, risk assessment, risk response, risk monitoring, and communication.

• Risk evaluation, risk planning, risk execution, risk reporting, and risk training.