15 Questions
What are the passive reasons for an organisation to engage in risk management?
Mandatory requirement by regulators, customers, or stakeholders; need to provide assurance regarding risk management procedures; need for risk management information for better business decisions
What are the proactive reasons for an organisation to engage in risk management?
Efficient and effective strategy and strategic decisions; tactics, project identification, and implementation; operations free from unplanned disruptions; compliance with rules and regulations
According to the risk management cube, what are the aspects an organization should consider when evaluating risk impacts?
Finances, infrastructure, reputation, marketplace
What is the significance of the risk agenda component in risk management?
It helps establish a clear understanding of why the organization undertakes risk management activities and outlines the main features of those activities.
What does the risk assessment component in risk management involve?
Assessing potential impacts on finances, infrastructure, reputation, and marketplace; anticipating consequences for strategy, tactics, operations, and compliance
Why is it important to evaluate a strategy in relation to the existing operations of an organization?
To develop tactics that will transition the organization towards delivering the strategy.
What do tactics represent in the context of strategy implementation?
The means through which strategy will be implemented.
What additional resources are recommended for reviewing in relation to risk management?
Youtube videos and journal articles uploaded in Blackboard.
Why is operational risk management important?
Operational risk management is important for ensuring the stability and success of an organization.
Who wrote the journal article 'Why is operational risk management important?' published in the Journal of Securities Operations & Custody in 2010?
Martin P.
What is the title of the journal article written by Ryan in 2013 on risk management?
Risk management.
According to Peter Hopkin's book 'Risk Management', what should organizations consider when evaluating risk impacts?
The risk management cube.
What is the aim of evaluating risk impacts in risk management?
To understand the potential consequences of risks on the organization.
What is the role of the risk agenda component in risk management?
To set the priorities and focus areas for managing risks.
Why should organizations engage in risk management?
To proactively identify and mitigate potential risks.
Test your knowledge on risk management governance structures, processes, and accountability culture in organizations, with a focus on patient and staff safety. Explore how organizations establish risk agendas and decision-making processes related to risk management activities.
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