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7 Cards in this Set
- Front
- Back
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What is Enterprise Risk Management
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A process affected by the company BoD, management and other personel applied in the strategy setting and across the enterprise. Aiming at identifying events that could affect the company and manage risks within the company's risk appetite. To provide reasonable assurance that the company's objectives are met. |
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What is a risk?
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A condition in which there exists a quantifiable dispersion in the possible result of any activity. |
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What is uncertainty?
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The outcomes are not known and the chances of each outcome are not known. |
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What is hazard?
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The impact if the risk materializes.
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What is a pure risk?
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A risk where the only possible outcome is harmful.
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What is a fundamental risk?
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A risk that affect the society in general and are beyond the control of any one individual. Risk of atmospheric pollution. |
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What is a particular risk?
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A risk on which an individual has a certain degree of control. Risk attached to smoking. |
