You have viewed a video about the different approaches to risk management and heard from LEGO’s CRO on LEGOs approach to ERM. You have also read about Hydro One’s approach and learned how HRO in the aviation industry is yet another approach that emerges from the unique risk profiles of aviation, healthcare, power generation, and the military. Several significant issues come into play throughout the consideration of these elements of approach. Some risks should be relatively easy to recognize; others are more difficult to assess. Some are easily quantifiable, and others are not.
Identify two risks in an organization with which you have been or are currently affiliated.
Address the three challenges identified by Lam in Chapter 7.
Write two to three pages per risk.
Explain how your organization has addressed these challenges.
Explain another way they could address the challenges for the risk involved.
Explain how the risks in question are being managed by applying the elements of ERM frameworks.