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Any implementation of enterprise risk management (ERM) must first begin with a very clear definition of what it is.

 “Simply put, ERM is the view and identification of risk throughout the organization and the steps that are being taken to manage the risk,” Richard Sarnie, vice president of risk management for The Great Atlantic & Pacific Tea Co., writes in an analysis titled “ERM: Do You Know What It Means?”

It’s also important to know what ERM is not: a one-time project that can be crossed off a to-do list and forgotten.

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