When announcing that an enterprise risk management program would be implemented at XYZ Company,the president of the company observed,"We must overcome the silo mentality for the program to be successful." The "silo mentality" refers to
A)over-emphasis on pure risks and ignoring speculative risks.
B)using too much of one risk treatment measure and ignoring other risk treatment methods.
C)focusing narrowly on one area and not viewing risk holistically.
D)everyone assuming someone else is responsible for managing a risk and no one taking leadership.

Question

Quizplus · Accepted Answer

The "silo mentality" refers to focusing narrowly on one area and not viewing risk holistically. This can lead to a lack of communication and coordination between departments, resulting in potentially critical risks being overlooked or underestimated. It is important to break down these silos and encourage a collaborative effort in managing risks.

When Announcing That an Enterprise Risk Management Program Would Be