Health Sciences 3040A/B Final: Week 9 - Risk Management
6 Jan 2019
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Document Summary
Enterprise risk management an approach to identifying critical risks, quantifying their potential impact and likelihood, prioritizing and identifying risk management strategies to bring risks to acceptable levels. Reduce the risk do the thing but take steps to lessen the risk. Risk management a process that focuses an organization on the important risks to achievement of its overall objectives and then measures the degree to which an organization is successful in controlling those risks. Risk tolerance the extent to which you are willing/able to take on risk. More effective and structured approach to opportunities. Some industry challenges in driving erm are a highly regulated and prescriptive environment, and significant dependency for funding. Reducing the internal impact of surprises in the future. The four steps in the erm framework: identity risks, assess risks, manage risks, report risks. Have understanding and oversight of key risk exposure and management"s intended response.
