Tutor profile: Grace R.
Subject: Risk Management and Insurance
What is enterprise risk management and traditional risk management? How are they different?
Enterprise risk management (ERM) is a cross functional view of all of the risks in an organization and everyone acts as a manager of risk. Traditional risk management (TRM) is a functional, siloed, view of risk affecting one or more areas of the organization. The differences are that TRM is more of the downside of risk and is more reactive and ERM looks at the downside and upside of risk and is proactive.
What is a financial institution and what type of services to they provide?
A financial institution is a company in the financial sector that provides a range of business services and deals with financial and monetary transactions. The services they offer are deposits, loans, investments, currency exchange, brokerage firms, and insurance.
What is the overall objective of the PESTEL model? What are the 6 segments that are examined within the model?
The overall objective of the PESTEL model is to scan, model, and evaluate the macroeconomic factors that impact a particular organization. The 6 segments that the model breaks down are political, economic, sociocultural, technological, ecological, and legal.
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