While organizations have managed risks for decades, there are calls for business leaders to strengthen their approaches to risk management to help them more proactiviely identify and manage all kinds of risks that may impact the organization’s success. Many are embracing enterprise risk management as a way to enhance their enterprise view of risks on the horizon. This paper outlines how ERM differs from traditional risk management and how an ERM process can be one of the entity’s most important strategic tools.
What is Enterprise Risk Management (ERM)?
