The ERM framework includes three key components: event identification, risk assessment, and risk response.

a.What is "event identification" in the process of risk assessment?

b.Briefly describe the mean of the term "risk assessment."Be sure to address issues such as the likelihood, frequency, and impact in your answer.

c.Briefly describe the meaning of "inherent risk" and "residual risk" as they apply to risk assessment procedures.

d.Identify the four types of risk responses.Briefly describe their meaning.