8 Summary of Session 2
In Session 2 you have started to explore what risk management involves in an organisation. You have explored Enterprise Risk Management (ERM) and looked at what is contained in a risk management framework.
You have been introduced to the key concept of risk appetite, and considered how risk appetite is used in an organisation to define how much risk an organisation is prepared (or able) to take to achieve its objectives.
Finally, you looked at planning risk management activities, in particular who needs to be involved and how Risk Management Plans (RMPs) are created to ensure the right information is documented and the right activity takes place.
The main learning points that have been covered in this session are:
- Enterprise Risk Management
- risk appetite
- the components of a risk management framework
- the scope and context for a Risk Management Plan, or RMP.
Now move on to, which focuses on risk identification.