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The ERM Framework Is Comprised of Eight Components

question 78

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The ERM framework is comprised of eight components. Which component includes the policies and procedures established and implemented to help ensure the risk responses are effectively carried out?


Definitions:

Living Will

A legal document that records a person's wishes regarding medical treatment in circumstances where they are unable to express informed consent.

Quality of Life

A measure of the general well-being of individuals and societies, encompassing not only wealth and employment but also the built environment, physical and mental health, education, recreation and leisure time, and social belonging.

Sanctity of Life

The belief or doctrine that life is sacred and inviolable, often grounded in religious or moral principles, highlighting the importance of preserving life.

Financial Security

The state of having stable income or other resources to support a standard of living now and in the foreseeable future.

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