To better understand Enterprise Risk Management, we have written a series of article that can help you by providing more information involved in Enterprise Risk Management.
Enterprise risk management is the leading approach to managing and optimizing risks in order to enable a company to determine how much uncertainty and risk are acceptable to an organization.
With a company-wide scope, Enterprise Risk Management strategically analyzes risk throughout an organization, cutting across business units and departments, and considering end-to-end processes. In adopting an Enterprise Risk Management approach, companies gain the ability to align their risk criteria to business strategy by identifying events that could have an adverse effect on their organizations and then develop an action plan to manage them.
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- Enterprise Risk Management Frameworks
- COSO Enterprise Risk Management Framework
- ISO 31000 Risk Management Standard
- Value of Enterprise Risk Management: Enterprise Risk Management Increases the Credit Rating
- Value of Enterprise Risk Management: Enterprise Risk Management creates stronger governance and compliance
- Value of Enterprise Risk Management: Enterprise Risk Management helps organization identify and exploit strategic opportunities
- Getting started with ISO 31000-based Enterprise Risk Management
- Key to ISO 31000 Success
- Key to ISO 31000 Success – Theme 1: Support from the Top is a Necessity
- Key to ISO 31000 Success – Theme 2: Build Enterprise Risk ManagementUsing Incremental Steps
- Key to ISO 31000 Success – Theme 3: Focus Initially on a Small Number of Top Risks
- Key to ISO 31000 Success – Theme 4: Leverage Existing Resources
- Key to ISO 31000 Success – Theme 5: Build on Existing Risk Management Activities
- Key to ISO 31000 Success – Theme 6: Embed Enterprise Risk Management into the Business Fabric of the Organization
- Key to ISO 31000 Success – Theme 7: Provide Ongoing Enterprise Risk Management Updates and Continuing Education for Directors and Senior Management
- Initial Actions toward ISO 31000 success
- Step 1: Seek Board of Directors (BOD) and Senior Management leadership, Involvement and Oversight
- Step 2: Select a Strong Leader to Drive the Enterprise Risk Management Initiative
- Step 3: Establish a Management Risk Committee or Working Group
- Step 4: Conduct the Initial Enterprise-wide Risk Assessment & Develop an Action Plan
- Step 5: Inventory the Existing Risk Management Practices
- Step 6: Develop Your Initial Risk Reporting
- Step 7: Develop the Next Phase of Action Plans & Ongoing Communications
- Capacity Building Toward Enterprise Risk Management Implementation Using ISO 31000