Having read the Acted notes and Sweeting reading, I'm left scratching my head as to: 1. What is the main takeaway from this chapter (6) -simply, that there are multiple frameworks produced by Gov'ts/other organisations? 2. What are the key practical differences between using the frameworks RAMP, COSO ERM, IRM/AIRMIC/Alarm, Orange Book, Canada RMF, AS/NZS 4360, ISO 31000? Any help appreciated, including if can point me to relevant past exam questions.
Hi Bill, 1. Yes - you need to be aware of these frameworks and be able to outline the requirements of them (as per syllabus objective 1.4.3). 2. Practically they are trying to do the same thing - provide principles / guidelines to risk management in their countries / sectors. There are differences in the detail, which are described in the Notes / Sweeting. As for past paper questions, they have come infrequently, in fact the last question was in 2016 and was a bookwork question on ISO 31000. Considering the syllabus objective 1.4.3 only asks to 'Outline' these requirements, we would not expect exam questions to involve a significant amount (if any) explanation. Since it is an open book exam, there is not much point getting too bogged down in the detail of each of these. I hope this helps, let me know if it does not! Alvin.
Thanks very much Alvin. The Australia/New Zealand standard (AS/NZS 4360:2004) appears almost identical to the Actuarial control cycle and presume that's why it's brought in Chapter 8, practice question 8.3 (page 13) .
