1. Evaluate the concept of risk with the focus on risk management. Your answer should include an analysis of how it has evolved from its insurance-buying origins.

2. Risk identification and risk evaluation are integral parts of the risk management process. Yet, risk managers in the past have taken a less than holistic approach and have neglected these aspects. Analyse this statement and highlight the importance of identification and evaluation.

3. Governance structures are the formally approved organisational risk management structures and committees that govern operational risk management. In light of this definition above, explain the two components of the governance structure for operational risk.