In Chapter 22,JAAInc. faced various risks that affected the operations and profitability of the company. In response to that, the company engaged in risk evaluation process where gaps in risks management were identified. A risk profile was created and individual risks were assessed based on the likelihood and impact. The company derived a risk attitude to respond to potential risks and created response plans to address uncertainties. To what extent would past experienceof people in charge of ERM development impact the company’s risk attitude? If we assumethat past experiences are context-specific, how can an enterprise leverage such experiences to effectively manage its ERM?
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