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Director's Risk Literacy Self-Assessment

I am able to explain the risks inherent to the business
I am able to explain what an ERM framework is and I can identify necessary elements of an ERM framework
I am able to identify and evaluate parameters to determine a prudent risk appetite for the business
I am able to identify necessary reports needed to monitor the level of risk for the business
I am able to identify single large risks requiring special oversight and the aggregate risk level of other risks
I am able to identify emerging risks to the business
I am able to identify risks inherent to strategic initiatives
I understand risks through outsourcing, subsidiary and/or agency relationships
I understand how risk responses are assessed to ensure benefits are greater than costs
I understand that risks cannot be avoided but action can be taken to mitigate the risk
I am able to set expectations for management in mitigating risk and overseeing effectiveness of this
I am able to assess the Board's role in adding to or reducing the risk profile of the business
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