Chapter14 - CG Chapter 14 Corporate Risk Assessment The...

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CG Chapter 14 Corporate Risk Assessment - The greater the risk, the greater the potential return to the enterprise Every board has a duty to ensure that: - Risks facing their company are recognized - Risk assessment systems exist, are effective - Risk evaluation procedures are developed - Risk monitoring systems are robust, efficient, effective - Business continuity strategies and risk mngt policies exist, are updated, and applied - Companies having professional enterprise risk mngt and transparent risk reporting are respected Formal systems of risk management: Board audit comitee Risk assessment or risk management commitee Risk management group Combination of management commitee and group Chief risk officer (CRO) Levels and Types of Risk Global business risk in 2007 – top 5 1) The business environment 2) Competitive issues 3) Compliance matters 4) Employee problems 5) Operational factors Aon in 2007 major risks recognized by directors – top 5 1) Damage to reputation 2) Business interruption 3) Third party liability 4) Disruption or supply chain failure 5) Market environment Risk Management Manual: Contents Page (333) External Strategic Threats Management Level Risks Operational risks and hazards Competitors’ activities
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Chapter14 - CG Chapter 14 Corporate Risk Assessment The...

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