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In the rodeo arena, it is amazing to watch how quickly a wild, bucking, obstinate animal becomes controlled and subdued by the agility and technical roping skills of the cowboy.

In the enterprise-risk management (ERM) arena, risk-management professionals perform similarly amazing feats, rounding up and lassoing a herd of risks that are dangerous, unpredictable and hard to manage. They do this using a system of effective internal controls.

Internal controls consist of all the measures taken by a company to help ensure that its full stable of potential risks or losses are well managed, in light of the entity’s business objectives. It is the ultimate goal of an ERM program to establish a suite of specific techniques, policies and procedures to reduce or mitigate identified risks as much as possible.

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