ERM International Exam Questions & Answers 2024/2025
1 view 0 purchase
Course
ERM International
Institution
ERM International
ERM International Exam Questions & Answers 2024/2025
"A number of organizations are surprised when risks emerge that actually take them down." -Dr Stanton - ANSWERS-top execs are not adequately informed about risks that lower level employees are seeing
-something is preventing flow of informa...
ERM International Exam Questions &
Answers 2024/2025
"A number of organizations are surprised when risks emerge that actually take them down." -Dr Stanton
- ANSWERS-top execs are not adequately informed about risks that lower level employees are seeing
-something is preventing flow of information
-even if informed, top level employees could sweep them under the rug
VA Hospital Example from Dr. Stanton's video - ANSWERS-poor example of ERM
-head of VA didn't want to hear about long wait times
-then surprised when vets were dying before they received health care because lower levels were telling
him what he wanted to hear
To improve its risk management, Dr. Stanton refers to a need to "infuse the culture of the organization."
Explain what he means. - ANSWERS-if culture allows for honest discussion between levels, the org can
recognize their vulnerabilities better
-top levels have to understand that lower levels are just doing whats best for org, not pointing out
mistakes
Dr. Stanton brakes quote and how it relates to ERM - ANSWERS-"Why does a car have brakes? so it can
go fast. If you didn't have brakes, you'd creep around at 2 mph. If you've got brakes, you understand
what the problems are, and you can really go forward at 65 mph."
-ERM is free flow of info and not another layer of bureacracy meant to slow down the org
-instead, speeds it up because they really have a grasp on risks so they can make informed decsions
silo risk management - ANSWERS-TRM: place responsibilities on business unit leaders to manage within
their specific area of responsibility
-departmentalizing risk management
-areas are called silos and each leader is responsible for risk that fall into this silo
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Bensuda. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
