The internal risk culture is the combined set of individual and corporate values, attitudes, risk appetite, competencies, and behavior that determine a company’s commitment and style of risk management. To build a desired risk management culture within the organization and to inform management about specific risk management tools and processes, Risk Awareness Programs must be implemented consisting of training, workshops, and informational sessions.
Although the ERM program is embedded within a company’s organization, it is generally administered and facilitated by an individual or a group, who are independent of line management responsibilities frequently reporting functionally to the Audit Committee of the Board of Directors. ...
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