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Description Of The Implementation Plan Essay

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Description of the implementation plan Our implementation plan mainly focuses on five risks, which are compliance risk, strategic risk, credit risk, operational risk, and financial risk. The corporation has established risk management committees to assess and manage the corporation’s exposure to the above risks. Then, the committees will prioritize these risks and establish guidelines for risk management processes. After that, it will assign the management of some risks to appropriate operating departments or individuals. The management process and department control activities are monitored by the committee and board of directors. However, each individual within the company has responsibility to identify and report potential risks to their managers. Staff and business leaders responsible for cascading tasks and activities down through the organization Chief Risk Officer, Chief Credit Officer, Chief Compliance Officer, Chief Information Officer is the highest level to cascade tasks. Chief Risk Officer coordinates all the risk management activities of the company. Chief Credit Officer measures credit risk across portfolios. Chief Compliance Officer coordinates compliance activities across the business unit. Chief Information Officer coordinates network security and participates in the management of data privacy. After the review of the chief officers, the tasks of ERM process while then be distributed to department managers who represent their business units. Department

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