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After completing this reading you should be able to:
- Describe ERM and compare an ERM program with a traditional silo-based risk management program.
- Describe the motivations for a firm to adopt an ERM initiative.
- Explain best practices for the governance and implementation of an ERM program.
- Describe risk culture, explain the characteristics of a strong corporate risk culture, and describe challenges to the establishment of a strong risk culture at a firm.
- Explain the role of scenario analysis in the implementation of an ERM program and describe its advantages and disadvantages.
- Explain the use of scenario analysis in stress testing programs and capital planning.

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