The performance and even vitality of a business today depends on managing both—the known and foreseeable risks. Every business needs to understand the acceptable risks in achieving its objectives, as well as the type and level of risk embedded within its operations. It is vital to identify and prioritize significant risks and detect the weakest points. Managing risks may be in a form of an essential Enterprise Risk Management (ERM) program but can be significantly enhanced by considering other elements frequently present in most companies, such as the Three Lines of Defense (3LoD) components and Process Improvement teams (Six Sigma, 8D, etc.). There are employees within these functions who are aware of and employing resources ...
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