To deliver value to customers, communities, and shareholders, a business must establish the ERM Framework that best supports its commitment to manage corporate risk and strengthen its corporate governance process across the entire organization. Fundamentally, a good risk management program together with sound internal controls are critical for the long-term success of a business.
Probability of a negative event in combination with the impact of its consequences represents a risk to business. Negative events are in general all incidents that can prevent value creation or erode existing business, investor, and shareholder value, customer loyalty and behavior, and so on. ERM is defined as a process, effected by an entity’s ...
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