Question $1\mathrm{.}1$: Considering the task highlighted by the Executive Board, justify the significance of updating the enterprise risk management program for the organisation.

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Provide a clear rationale for updating the risk management program, such as aligning with new regulations, adapting to market changes, or addressing identified weaknesses, demonstrated a strong understanding of the need for the update. Responses that were too generic and did not provide specific reasons or context for the update lacked depth. Brief responses that did not delve into how the updated program would benefit the organization missed an opportunity to demonstrate a comprehensive understanding. clear referencing