Enterprise Risk Management (ERM) is a process reinforced by a set of principles and must be supported by an appropriate organizational structure, which is aligned with the external environment and with other corporate activities. It needs to be comprehensive, ingrained into routine activities, and responsive to changing economic, political, legislative, regulatory, ecological, and other conditions impacting business. A successful ERM program should be proportionate to the level of risk depending on the size and complexity of the business or organization, enabling the ERM to deliver outputs, including compliance with applicable governance requirements and assurance to stakeholders regarding the management of risk and improved ...
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