ERM Concepts [11]

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Bullet points include: ERM implementation usually includes establishment of a centralised risk management function (employing risk managers). E.g. Walker Review (2010), financial services firms. Is CRO’s team. Front line – helping to decide which risks to take/hedge; or Second line – helping others to manage risk, focusing more on downside and maybe on risks that are not well captured/handled by customer-facing business units? See e.g. IAA (2009) Section 2.6 (p. 16-19), Appendices 4 and 5 (p. 77-80): Establishing and Developing an ERM function, Risk Committee charter and specimen CRO job description

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