1. Apply above fundamental concepts included in the definition of enterprise risk management (ERM) to a business of your choosing

Definition Enterprise riskmanagement is a rigorous and coordinated approach to 2sssin and responding to all risks that affect the achievement of an organisation's strategic and financial objectives. This includes both upside and down side id risks. Most of the definitions reflect certain fundamental concepts: - Firstly, ERM is a process, which means that it is a set of continuous actions designed to meet the risk management and corporate objectives. These actions are pervasive and inherent in the way management runs the business. - Secondly, ERM should be applied across the enterprise, at every level and unit. To successfully do this, an organisation must take all its activities into account. ERM considers activities at all levels of the organisation, from strategic planning and resource allocation to marketing, human resources, production and credit review. - Thirdly, it is designed primarily to manage downside and exploit upside risks in direct relation to an organisation's strategy and risk appetite. ERM integrates risk management activities with strategic management and business planning processes so that the organisation: - identifies the opportunities for creating value that present the most attractive risk/reward trade-offs - designs a business model that is responsive to these opportunities - obtains a holistic, enterprise-wide understanding of the risks inherent in the firm's assets, processes and the information used in decisionmaking - acquires the capabilities to manage the risk - collects and analyses the data to produce timely business risk information - selects and implements the best strategy for exploiting desirable risks while concurrently mitigating undesirable risks - supports units to achieve their goals in a controlled environment. Fourthly, it includes risks from all sources (financial, operational, strategic) and also the risks created by 'natural hedges' and 'portfolio effects' from treating these in the collective. Fifthly, spans: risk asse coordination of risk management activities. This prioritisationt (including identification, analysis, measurement and risk mitigation (including control processes)