For the case study, Applied Research Technologies Inc. (ART) Global Innovation's Challenge (can be found on Google), answer these questions:

1.Summarize various objectives and benefits for this organization to introduce a formalized holistic risk identification and management process as opposed to the traditional risk management.

In this context, explain how risk management can help the organization to increase their intelligent risk taking with innovations.

2.Using either the COSO or the ISO31000 framework, explain how using the principles would help ART to enhance their innovation performance.

3.ART is planning to capitalize on the RIMOS system as their proposed innovation. As part of the risk identification which was not highlighted is the potential for human ingestion of water processed by the system. Present what loss exposures/liability the company may be subject to if this occurs.