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Enterprise risk management is the newest buzzword, but the concept is actually not a new one. Only recently–with the meltdown of the financial sector and the economic slowdown–has ERM begun receiving a tremendous amount of publicity.

What exactly is ERM? My definition is holistic management of all material risk. Simply put, it is the view and identification of risk throughout the organization, and the steps being taken to manage risk.

If you search for a definition of ERM on the Web, you would see many explanations. This can be very confusing because of the broadness of the definition–it means different action items and components for every single company. Among the questions to help you define this process for yourself:

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