To implement its Enterprise Risk Management (ERM) system The Federal Reserve Bank of Richmond (FRBR), a branch of the US Federal Reserve System, first captured risk within each functional area and then assessed those risk events in terms of both functional and the corporate objectives. Initial functional assessments were held throughout the bank over nine-months followed by follow-up assessments. Four main elements captured for each risk were: inherent level, trend, mitigation and residual level...
BPIR Categories2.5.4 Identify and manage risks
14.3.2 Implement an improvement approach/method/technique
2.2.4 Formulate and review business unit strategy