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a. a. Help the firm define what ERM is and whether it is better than
approaching potential risks as they arise and/or just using insurance. (7
b. Briefly, how does a comprehensive risk management program adds value to
a firm such as Radcliff House, (About a page between the two parts)

  1. The owners are trying to move forward with an ERM plan for their firm. They
    understand the first step is risk identification. They also have heard the risk
    mapping provides some advantages to firms. (25 points)

a. Provide a brief description to the owners on how the risk mapping process
works. (4 points)
b. Explain how this process would be valuable to the firm. (3 points)
c. Provide an example of a firm that has successfully used risk mapping.
(About a page and a half for parts 2 a, b, and c.) (3 points)

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