Hi Requesting some urgent help with the question below. Please attempt all parts and provide detailed answers and explanations. Thanking You.

Mary Atkins is the Chief Risk Officer (CRO) in a university, which is ranked amongst the top 20 in the world. Previously, she was the Risk Officer at a commercial bank. In her new role, she is required to inculcate enterprise risk management into the university's culture. She was given three (3) years to change the risk culture from "caution" to "good"

With only three (3) months in the job, Mary Atkins requires your (a risk management consultant) assistance.

(a)Outline the steps that Mary Atkins should take, using any ERM framework of your choice, to achieve the risk management objective.

(b)Explain to her the reason(s) for selecting the framework you did and highlight any differences that she should consider in implementing ERM in a university as against a bank setting

(c)Without considering controls, identify and describe:

oOne (1) risk that would possibly be a high/extreme for a commercial bank but low/medium for a university and vice versa

o One (1) riskthat is likely to have equal rating

Justify your answer

(d)Assuming that both institutions (university and commercial bank) have the same risk chart

oPlot the risks identified in (c) on a risk matrix chart

oExplain your risk chart with the risks plotted

oDetermine your risk response strategy for each risk identified.

(e)Explain (briefly) to Mary Atkins the relevance of the risk chart to tolerance setting and the risk management process generally.