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Typical risk functions in ERM

Typical risk functions in ERM

Answers

Faith
Strategic planning - identifies external threats and competitive opportunities, along with strategic initiatives to address them

Marketing - understands the target customer to ensure product/service alignment with customer requirements

Compliance & Ethics - monitors compliance with code of conduct and directs fraud
investigations

Accounting / Financial compliance - directs the Sarbanes-Oxley Section 302 and 404 assessment, which identifies financial reporting risks

Law Department - manages litigation and analyzes emerging legal trends that may impact the organization
Insurance - ensures the proper insurance coverage for the organization

Treasury - ensures cash is sufficient to meet business needs, while managing risk related to commodity pricing or foreign exchange

Operational Quality Assurance - verifies operational output is within tolerances

Operations management - ensures the business runs day-to-day and that related barriers are surfaced for resolution

Credit - ensures any credit provided to customers is appropriate to their ability to pay

Customer service - ensures customer complaints are handled promptly and root causes are reported to operations for resolution

Internal audit - evaluates the effectiveness of each of the above risk functions and recommends improvements
Titany answered the question on October 26, 2021 at 10:32

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