Problem 1: You are employed by a medium-sized international retail organization, with a Head Office based in Malaysia, to help develop its Enterprise Risk Management (ERM) framework, as the company is planning to expand into the China market. You have been asked to prepare a report to evaluate the common standards on risk management. You need to provide explanation of at least TWO (2) international ERM standards and recommendations on the standard or standards that would be most appropriate for the company as a base for its new ERM framework.
Problem 2: Explain the need for an international standard on risk management.