Enterprise risk management (ERM)
■ Explain why risk identification is a vital step in the risk management process
■ Identify some common characteristics used to classify risk
■ Explain the difference between direct and indirect losses
■ Describe the wide variety of property risk exposures borne by firms
■ Describe the legal system used in the United States to resolve liability issues
■ Describe the negligence standard used in tort liability claims
■ Describe three types of human resource risks
■ Define and provide examples of hazard, operational, financial, and strategic risks, as they are commonly used in enterprise risk management (ERM)
