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ERM Concepts [18]

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Bullet points include: ERM requires strong leadership from the Board. Board needs to monitor biggest (most strategic) risks. And to lay down clear organisational responsibilities and principles for identifying and managing risks. Allocated across the firm and to individual employees. Employee accountability. Ideally within a ‘no blame culture’ that encourages open debate, whistle-blowing and participation in risk reduction. Codes of honesty and fair treatment of bringers of ‘bad news’. Dedicated central risk and audit functions may assist

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