Enterprise Risk Management (ERM) - Revision history

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User: Enterprise risk management (ERM) is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies

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Enterprise risk management (ERM) is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies

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-'''Enterprise Risk Management (ERM)''' is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies—coupled with accountability for risks taken and activities engaged in, which contributes to increased confidence shown by stakeholders.<ref>Definition of Enterprise [[Risk Management]] (ERM) [http://www.rmahq.org/enterprise-risk/ RMA]</ref>
+'''Enterprise Risk Management (ERM)''' is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies—coupled with accountability for risks taken and activities engaged in, which contributes to increased confidence shown by stakeholders.<ref>Definition of Enterprise Risk Management (ERM) [http://www.rmahq.org/enterprise-risk/ RMA]</ref>
 Enterprise risk management (ERM) is a plan-based business strategy that aims to identify, assess and prepare for any dangers, hazards and other potentials for disaster – both physical and figurative – that may interfere with an organization's operations and objectives. Relatively new (it's less than a decade old), the discipline not only calls for corporations to identify all the risks they face and to decide which risks to manage actively; it also involves making that plan of action available to all stakeholders, shareholders and potential investors, as part of their annual reports. Industries as varied as aviation, construction, public health, international development, energy, finance and insurance all utilize ERM.<ref>What is Enterprise Risk Management (ERM)? [http://www.investopedia.com/terms/e/enterprise-risk-management.asp Investopedia]</ref>
-ERM represents a significant evolution beyond previous approaches to risk management in that it:
+ERM represents a significant evolution beyond previous approaches to [[Risk Management|risk management]] in that it:
 *Encompasses all areas of organizational exposure to risk (financial, operational, reporting, compliance, governance, strategic, reputational, etc.);
 *Prioritizes and manages those exposures as an interrelated risk portfolio rather than as individual “silos”;

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 '''The Elements of Enterprise Risk Management'''<ref>The Elements of Enterprise Risk Management [https://www.schneiderdowns.com/our-thoughts-on/risk-advisory-Internal/elements-enterprise-risk-management Angela Gillis]</ref><br />
 Enterprise risk management, when designed and operating effectively, serves to promote the achievement of an organization’s strategies and goals. For an enterprise risk management framework to be robust and sustainable, the following key elements must be embedded within the framework:
-*[[Risk Governance]]: A well-established risk governance structure requires an active and engaged [[Board of Directors]] supported by an experienced senior management team and a risk management group that is independent of the business lines. The Board of Directors should ensure that decision-making is aligned with the organization’s strategies, goals and risk appetite. Executive management is responsible for risk management under the oversight of the Board. The business lines should be responsible for both the development and execution of business plans and their alignment with the organization’s risk management framework, and be accountable for the risks they incur.
+*Risk Governance: A well-established risk governance structure requires an active and engaged [[Board of Directors]] supported by an experienced senior management team and a risk management group that is independent of the business lines. The Board of Directors should ensure that decision-making is aligned with the organization’s strategies, goals and risk appetite. Executive management is responsible for risk management under the oversight of the Board. The business lines should be responsible for both the development and execution of business plans and their alignment with the organization’s risk management framework, and be accountable for the risks they incur.
 *Risk Appetite: Risk appetite is the level of risk that an organization is prepared to accept, before action is deemed necessary to reduce it. Precise measurement of risk appetite is not always possible and will sometimes be defined by a broad statement of approach. Your organization may have an appetite for some types of risk and be averse to others. Regardless, the Board should receive regular updates on the key risks to the organization.
 *Risk Management Techniques: A type of risk management technique commonly used is a risk measurement reporting which aggregate various measures of risk across products and businesses, and is used to ensure compliance with policies, limits and guidelines. They also provide clear statement of the amounts, types and sensitivities of the various risks in the organization’s portfolios. Senior management and the Board use this information to understand the organization’s risk profile.

← Older revision		Revision as of 18:57, 28 May 2020
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−	Enterprise ~~risk management~~ (ERM) is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies—coupled with accountability for risks taken and activities engaged in, which contributes to increased confidence shown by stakeholders.<ref>Definition of Enterprise Risk Management (ERM) [http://www.rmahq.org/enterprise-risk/ RMA]</ref>	+	'''Enterprise Risk Management (ERM)''' is an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies—coupled with accountability for risks taken and activities engaged in, which contributes to increased confidence shown by stakeholders.<ref>Definition of Enterprise Risk Management (ERM) [http://www.rmahq.org/enterprise-risk/ RMA]</ref>

	Enterprise risk management (ERM) is a plan-based business strategy that aims to identify, assess and prepare for any dangers, hazards and other potentials for disaster – both physical and figurative – that may interfere with an organization's operations and objectives. Relatively new (it's less than a decade old), the discipline not only calls for corporations to identify all the risks they face and to decide which risks to manage actively; it also involves making that plan of action available to all stakeholders, shareholders and potential investors, as part of their annual reports. Industries as varied as aviation, construction, public health, international development, energy, finance and insurance all utilize ERM.<ref>What is Enterprise Risk Management (ERM)? [http://www.investopedia.com/terms/e/enterprise-risk-management.asp Investopedia]</ref>		Enterprise risk management (ERM) is a plan-based business strategy that aims to identify, assess and prepare for any dangers, hazards and other potentials for disaster – both physical and figurative – that may interfere with an organization's operations and objectives. Relatively new (it's less than a decade old), the discipline not only calls for corporations to identify all the risks they face and to decide which risks to manage actively; it also involves making that plan of action available to all stakeholders, shareholders and potential investors, as part of their annual reports. Industries as varied as aviation, construction, public health, international development, energy, finance and insurance all utilize ERM.<ref>What is Enterprise Risk Management (ERM)? [http://www.investopedia.com/terms/e/enterprise-risk-management.asp Investopedia]</ref>

← Older revision		Revision as of 20:09, 25 September 2019
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	[[Business_Continuity_Planning_(BCP)\|Business Continuity Planning (BCP)]]<br />		[[Business_Continuity_Planning_(BCP)\|Business Continuity Planning (BCP)]]<br />
	[[Disaster_Recovery_Planning\|Disaster Recovery Planning]]		[[Disaster_Recovery_Planning\|Disaster Recovery Planning]]
		+	[[Risk Analysis]]<br />
		+	[[Risk Assessment Framework (RAF)]]<br />
		+	[[Risk Management Framework (RMF)]]<br />
		+	[[Information Technology Risk (IT Risk)]]<br />
		+	[[Risk IT Framework]]<br />
		+	[[Risk Based Testing]]<br />
		+	[[Risk-Adjusted Return]]<br />
		+	[[Risk-Adjusted Return on Capital (RAROC)]]<br />
		+	[[Risk Matrix]]<br />
		+	[[Risk Maturity]]<br />
		+	[[Risk Maturity Model (RMM)]]<br />
		+	[[Risk Mitigation]]<br />
		+	[[Compliance]]