Reflective Questions How would you define 'risk' and 'risk management'? Should 'risk' be assessed in terms of 'monetary value'? What problems arise from this practice? Evaluate the conceptual frameworks for risk management presented in slides 25, 26 and 27. How useful are they? In slide 37, seven challenges in risk management are presented. Would you add others? Is employing 'expert judgement' in 'risk assessment' problematic? How might problems, if they exist, be mitigated? How useful are quantitative models in risk management? How and when might they mislead decision makers? What is 'risk'? Are there benefits to the existence of risks? How can risks be graded? What are the objectives and benefits of enterprise risk management? How should businesses determine their risk management budgets? How is 'big data' and 'technological change more generally' affecting risk management? What questions should directors of large corporations ask when appraising risk management strategies