Discuss the roles and responsibilities of the personnel of an entity in enterprise-wide risk oversight.

The ultimate responsibility for enterprise-wide risk management starts at the top. However, everyone in the entity will have some role and responsibility for Enterprise risk management (ERM) as discussed below: Board of directors & CEO - have ultimate accountability for all risks. Risk management practices must be discussed periodically and risk management related policies must be reviewed and approved. The extent to which the board is willing to accept any consequences of taking risk must be clearly defined. Senior management - design, implement and maintain an effective risk framework. This involves developing policies and procedures, promoting a risk aware culture, establishing and monitoring the risk appetite and reporting regularly to the board of directors. Business units - identify, assess, measure, monitor, control, and report risks to senior management. This involves managing relevant risks within the framework established by senior management and ensuring compliance with policies and procedures. Support functions (i.e. Legal, HR, IT etc.) - provide support to business units in developing and enforcing policies and procedures. Internal audit & Compliance - monitor and provide independent assurance of the effectiveness of the risk framework. Risk officer/management - co-ordinate the establishment of the risk framework and provide risk management expertise.