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| What is the major difference between traditional risk management and Enterprise Risk Management (ERM)? A. Traditional risk management prepares an organization to respond to specific, recognized events that could prevent the organization from achieving its objectives. ERM prepares the organization to respond to any event that could prevent it from achieving its objectives, whether or not the event has been previously recognized as a risk. to any event that could prevent it from achieving its objectives , whether or not the event has been previously recognized as a risk . B. Traditional risk management considers only risks that could have a negative effect on the organization, whereas ERM includes risks that could have either a negative or a positive effect on the organization. C. In traditional risk management, each individual business unit does its own risk management, whereas with ERM, the major risk areas for the organization as a whole are identified, and the individual units use that as a basis to define the specific risks they face. use that as a basis to define the specific risks they face . D. Traditional risk management focuses on risks that can be mitigated by insurance, whereas ERM includes risks that cannot be mitigated by insurance but can be mitigated in other ways. |