Defining enterprise risk management (ERM) is like defining what constitutes great art. In large part, ERM is in the eye of the beholder. For some organizations it is an overall operating procedure that covers almost all of the operating activities undertaken by the organization. For others it is simply a mindset of how to think about issues as they arise.
In this chapter, we will go through a couple of the different definitions and ways of thinking of ERM. In a nutshell, we believe that ERM is simply a way of doing business so that the management of the company is as efficient and as effective as possible in achieving its overall goals and objectives despite the plethora of risks, uncertainties, and challenges that arise ...
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