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ERM (S&P) (5 Main Areas (Risk Models (Considerations (Model quality…

- - - - Risk gov. and org. structure
      - Risk communications and reporting
      - Embedding of risk metrics in compensation structure
      - Risk appetite framework
  - - - Risk ID
      - Risk measurement
      - Procedures to stay within risk limits
      - Execution effectiveness
      - Risk types
        
        Credit
        
        Interest rate
        
        Market
        
        Insurance
        
        Operational
  - - - Robustness
      - Consistency
      - Completeness
    - - Model quality and comprehensiveness
      - Adopted risk measures
      - Methodology, data, assumptions; thorough validation
      - Supporting infrastructure
      - How results are communicated
  - - - Optimization of risk-adjusted returns
      - required risk capital and capital allocation
    - - How strategic decisions are made using economic risk/reward metrics
      - Outcome of strategic decisions