CHAPTER 29CENTRAL RISK MANAGEMENT COMMITTEE

RISK QUOTE: For the want of a nail, the shoe was lost; for the want of a shoe the horse was lost; and for the want of a horse the rider was lost, being overtaken and slain by the enemy, all for the want of care about a horseshoe nail.

—BENJAMIN FRANKLIN, SCIENTIST,PUBLISHER, AND DIPLOMAT

RISK QUOTE: If a man does his best, what else is there?

—GEORGE S. PATTON, U.S. ARMY GENERAL

A central risk management committee (RMC) is a formal body established to provide advice on ERM. It is one tool for involving the board and senior managers in an ERM program. In most formulations, we can identify common characteristics of such a committee. Its purpose is to advise senior management and the board on policies ...

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