QUESTION 4 (25 Marks) With the growth of conflicts across the globe risk management techniques have been prioritised and applied in the finance and energy sectors. For the finance sector the focus has been on operational risks, as well as market, credit, and other types of financial risks. It has been argued by various institutions that risk management only needs to be as sophisticated as the organization requires it to be in order to bring benefits. With reference to relevant examples critically discuss REFORM, CONFORM, PERFORM AND DEFORM as levels of risk management sophistication. END OF PAPER