Mnemonic

Question 1

Components of ERM follow in logical sequence using ___ ___and are supported by principles memorized as _____ _____ and _____ ___ ___

Answer 1

Components of ERM follow in logical sequence using GO PRO and are supported by principles memorized as DOVES SOAR and VAPOR SIR TIP

Question 2

GO PRO

Answer 2

Components of ERM:
G overnance and culture
strategy and O bjective setting 
P erformance
R eview and revision
information, communications, reporting (O ngoing)

Question 3

DOVES SOAR

Answer 3

DOVES SOAR: falls under governance and culture & strategy/objective setting:
GOVERNANCE:
- Defines desired culture
- excersizes board Oversight
- commitment to core Values
- attracts develops and retains capable EMPLOYEES
- establishes operating STructure 
- evaluates alternate STRATEGIES
- formulâtes business OBJECTIVES
- ANALYZES business context 
- defines RISK appetite

Question 4

VAPIR SIR TIP

Answer 4

PERFORMANCE:

• develops portfolio VIEW
• ASSESSES severity of risk
• PRIORITIZES risk
• IDENTIFIES risks (events)
• implements risk RESPONSES

REVIEW & REVISION:

• assesses substantial change
• pursues IMPROVMENT in enterprise risk manamgent
• REVIEWS risk and performance

Informations, communications, reporting (ONGOING):

• leverages information and TECHNOLOGY
• communicates risk INFORMATION
• reports and risk culture and PERFORMANCE