Hi, Requesting some help on the question below; please provide detailed answers. Thanking you.

MARS (hypothetical) is a financial institution with local operations.

The Board has approved the addition of a Chief Risk Officer (CRO) to its management structure to design and implement its Enterprise Risk Management Framework.

You have been hired as a consultant to guide the Board and CEO in determining the appropriate governance structure and policies to support the effectiveness of the CRO position and by extension the organization's ERM programme.

Your terms of reference had these deliverables"

(i)Responsibilities of the Board

(ii)Proposed Governance Structure

(iii)Roles of the CRO and the skill sets required

The Board has also asked that you provide guidance on whether consideration should be given to recruiting an individual in the organization who may have Enterprise Risk Management training for the CRO position.

Prepare a formal response to the Board with justification and examples (as appropriate) to the above Terms of Reference and the Board's enquiry.