Enterprise Risk Management (ERM) is essential for any business as it encompasses all relevant risks. An ERM Framework supports a company leaders’ competency to manage the risks comprehensively, and with an understanding of the correlation among various risks. The successful business implements a robust ERM capability as part of its culture establishing a comprehensive and integrated view of a business’s risks in the context of its business strategy. By doing so, the business reduces the likelihood and consequences of risks materializing. Other benefits include competitive advantage, reduced cost of capital, and better financial reporting.
In conclusion, ERM programs can be implemented in a very short timeframe or over a ...
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