What is Enterprise Risk Management (ERM)?
Enterprise Risk Management (ERM) is “… a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risks to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.”
Enterprise risk management (ERM) is the process of coordinated risk management that places a greater emphasis on cooperation among departments to manage the organization’s full range of risks as a whole. Enterprise risk management offers a framework for effectively managing uncertainty, responding to risk and harnessing opportunities as they arise.
