a) Business risk concerned with the uncertainty associated with an investment's earnings and the firm's ability to pay interest, principal, dividends and any other returns owed to investors. It arises because of the firm's investment decision. Explain 5 factors affecting business risk.(10 marks)

b) Good risk management is essentially a choice management. It is a continuous work in progress. In order to have a well-designed risk management program, the risk manager needs to consider the key elements promoting a successful risk management program. List and elaborate these FIVE (5) essential key elements.