Enterprise Risk Management
Corporate Risk Management / Enterprise Risk Management
The Enterprise Risk Management (ERM) is defined as “a process, effected by an entity’s board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within acceptable limits, to provide reasonable assurance regarding the achievement of entity objectives”.
The essence of Enterprise Risk Management
The essence of ERM is
- To build an effective risk management tool and to be a significant driver of value.
- to ensure that risks and opportunities are systematically identified and the risk responses are developed.
- designing and implementing ERM infrastructure for managing the risks.
- establishing the oversight, control, and discipline to drive continuous improvement of an entity's risk management capabilities in a changing operating environment.
- enables management to effectively deal with uncertainty and associated risk and opportunity, enhancing the capacity to build value.
Need for Implementation of ERM
ERM needs to be implemented for the following reasons:
(a) Reduce unacceptable performance variability.
(b) Align and integrate varying views of risk management.
(c) Build confidence in the investment community and stakeholders.
(d) Enhance corporate governance.
(e) Successfully respond to a changing business environment.
(f) Align strategy and corporate culture.
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