Enterprise risk management is the newest buzzword, but theconcept is actually not a new one. Only recently–with the meltdownof the financial sector and the economic slowdown–has ERM begunreceiving a tremendous amount of publicity.
What exactly is ERM? My definition is holistic management of allmaterial risk. Simply put, it is the view and identification ofrisk throughout the organization, and the steps being taken tomanage risk.
If you search for a definition of ERM on the Web, you would seemany explanations. This can be very confusing because of thebroadness of the definition–it means different action items andcomponents for every single company. Among the questions to helpyou define this process for yourself:
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