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-Establishing a common risk language or glossary.
-Describing the entity's risk appetite (i.e., risks it will and will not take)
-Identifying and describing the risks in a "risk inventory".
-Implementing a risk-ranking methodology to prioritize risks within and across functions.
-Establishing a risk committee and or Chief Risk Officer (CRO) to coordinate certain activities of the risk functions.
Titany answered the question on October 26, 2021 at 10:35
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