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ERM concepts and Risk categorisation [43]

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Bullet points include: Often boards not fully aware of their responsibilities Skills needed (to achieve a complete and holistic risk picture) cannot be (fully) outsourced There is no mechanical way of carrying out an ORSA Often cultural change needed, both for Board and firm more generally It is not about getting experts onto the Board nor is it about reading highly technical documents from the organisation It is about obtaining confidence that the Board knows the company it is running and that the company can ‘afford’ its strategic plan over the next, say, 3-5 years, including potential bumps along the way

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