Read the following insert and answer the following questions. Capitec Bank is a retail bank headquartered in South Africa. It is one of the largest banks in the country and has gained significant popularity for its innovative approach to banking and its focus on simplicity, transparency, and affordability. Capitec Bank was founded in 2001 and has quickly grown to become a major player in the South African banking industry. It primarily serves individuals and offers a wide range of banking products and services, including savings accounts, transactional accounts, personal loans, credit cards, and insurance. Additionally, Capitec Bank has gained recognition for its customer-centric approach, offering competitive interest rates, low fees, and easy-to-understand products. It has also been praised for its responsible lending practices and efforts to promote financial literacy among its customers. The CEO Gerrie Fourie, has made it evident that the primary objective of the organisation is to manage risk exposures across its entire portfolio so that, at any given time, it incurs just enough of the right kinds of risk -no more, no lessto effectively pursue and achieve their strategic goals. He believes that risk assessment is important and presents the way in which the organisation can get a handle on how significant each risk is to the achievement of their overall goals. Source:: Capitec Bank, (2023) or QUESTION 1 (100 MARKS) You are part of a team from Capitec that has been given the responsibility to oversee the process of creating an Enterprise Risk Management Program for the organisation. The expectations are that together with your team you will conduct a risk assessment that is practical, sustainable, and easy to understand and that is correctly sized to the enterprises size, complexity, and geographic reach. Your outcomes should be compiled into a report in which the following questions are explored and investigated. (Your findings should resemble the nature of Capitec, and relevant secondary research should be incorporated) 1.2 RISK IDENTIFICATION Conduct an extensive risk identification process in which you provide a comprehensive list of risks (positive and negative) organised by risk category and sub-category in the form of a risk register. This should enable the organisation to understand the risks making up its profile and enable the risk prioritisation process to begin. 20 1.3 RISK ASSESMENT PART 1 Develop a risk assessment criterion that will be utilised for the risks identified in (1.2) above. This should present a form of measurement that will be used when comparing and aggregating risks across the organisation. Your response should define scales for rating the risks and these should comprise rating levels and definitions that foster consistent and application by different stakeholders. Scales should allow meaningful and differentiation for ranking and prioritisation purposes