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risk management process is –
(a)responsible for risk
(b)risk appetite
(c) Identify risks
(d) Assess risks
(e) Respond to risks
(f) Monitor and review the process and adapt if necessaryDOUBT 1 – just having a risk register OR ERMF(enterprise risk management framework) does all of the above work other than setting the risk appetite
DOUBT 2 – so if in the exam they ask us about risk management process could we just say set risk appetite and maintain a risk register OR adopt ESRF framework.(& then list down the content of the risk register)
Doubt 2: mentioning risk appetite and the register would be insufficient as there is no real management process there.
Therefore, I suggest you talk briefly about assessing the risk appetite and move smartly on to (a) to (f) above to describe the whole process.
Hi @shaunak22 which paper is this question stemming from, if you don’t mind sharing? Especially the point that you make about ERMF, I am afraid I have not come across that topic before
@Noah098 it was not from a particular question i was revising the Open tution notes chapter 20 is all about enterprise risk management framework OR also called as COSO framework for ERM
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