This article discusses some of the challenges present in embedding Enterprise Risk Management issues like corporate governance, independence of CRO, challenges in implementing three lines of defense model, lack of risk knowledge in the first line of defense, lack of risk qualification in the...

A business value is created by identifying the risks in the business and developing a risk mitigation plan. The only identification of risks is of little use unless an effective advance plan is developed and implemented to reduce either the likelihood or impact or both of the events. In this...

In the last two decades, the application of Enterprise Risk Management (ERM) has increased in its pace and more penetration particularly after the 2007-08 financial crisis. Such application was largely driven due to regulatory push. However, ERM is more to offer than just regulatory compliance

This paper explores the development of enterprise risk management as a function of the development of risk-based capital across the world over the last two decades. The paper identifies a clear correspondence between the emergence of RBC and ERM. The development of RBC worldwide was triggered by...

This chapter covers details of COSO frameworks that came out in 2004 and 2017; this also covers ISO 31000 that came out in 2009 and 2018. The chapter discusses similarities and differences between these frameworks to help understand the fabrics of enterprise risk management. The chapter further...

This third chapter of the course focuses on the importance of strategy and corporate governance. Both play a very crucial role in the success of risk management. Most companies in the past have failed due to either poor strategies or not finding enough risks within their strategy. The classic...

This chapter is written to help those new to risk management and who want to understand the fundamentals of risk management. This chapter is based on my reading of various risk management contents and experience gained over the working period. The chapter covers the definition of risk, benefits...

Risk is inherent in every business because future uncertainty may not help meet objectives. A slight deviation from meeting business objectives may be acceptable within risk appetite, but a significant departure could be catastrophic. Thus, it is essential to assess the expected deviation level...

The article is about learning from aviation risk management to corporate risk management. Aviation risk management plays a vital role in providing safety to air passengers. The paper studies the key areas of development in the aviation industry, such as systematic thinking processes, the role of...