In the rodeo arena, it is amazing to watch how quickly a wild,bucking, obstinate animal becomes controlled and subdued by theagility and technical roping skills of the cowboy.
In the enterprise-risk management (ERM) arena, risk-managementprofessionals perform similarly amazing feats, rounding up andlassoing a herd of risks that are dangerous, unpredictable and hardto manage. They do this using a system of effective internalcontrols.
Internal controls consist of allthe measures taken by a company to help ensure that its full stableof potential risks or losses are well managed, in light of theentity's business objectives. It is the ultimate goal of an ERMprogram to establish a suite of specific techniques, policies andprocedures to reduce or mitigate identified risks as much aspossible.
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