1. While an integrated ERM environment is a much sought-after goal, risk is still most commonly managed by specialists within specific risk disciplines (e.g., insurance risk manager, Security officer, Corporate Communications head, Internal Auditor, etc.) who focus on maximizing ‘value’ in their respective domains. What effect does and should this have on the transition to a more integrated and balanced ERM solution? Can a given risk or risk area be over-managed by one or multiple risk disciplines? Can you think of an example of risk that is over-managed as a result of the involvement of more than one organization? What does over-managed mean in terms of level of residual risk and can that be quantified (dollars and cents)? Would this over-management be more common in the public, private or quasi-public sector and why? Provide some examples of over or under managed risk, whether it be in business or in life in general.
2. Unintended Consequences of Environmental Regulations
What have you seen for risk events this week?
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Organizations face a variety of risks, and any of these risks could have a negative impact on organizational success resulting in a decrease in stakeholder value (Carroll, 2019). This is the reason why an integrated and balanced ERM solution is...