ERM Frameworks and Responses to risk [11]

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Bullet points include: There is no single universally applicable ERM framework Organisations differ in business sector / strategy, size, structure, product range, supply-chain complexity, geographical coverage and  in culture, leadership, personalities But there are common threads, common enough to be recognisably ‘ERM’ Many different types of firm even within the financial community Banks traditionally viewed as focusing only on asset-side risks, whilst insurers on both assets and liabilities (according to insurers) Actually bank trading books utilise sophisticated quantitative ALM risk measurement and management techniques, with large IT spends But models often found wanting in 2007-09 when liquidity became less plentiful

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