Many organizations when they begin an ERM program will start with one of the established frameworks. For organizations new to ERM, a standard framework can be a helpful starting place, but it needs to be remembered that a framework is simply that—a framework. Unfortunately too many pundits of ERM advocate for a zealous adherence to one framework or another. Such rigidity in thinking generally means an overkill of inefficient risk management structure with an overall decline in the quality of risk management and a destruction of the potential for effective risk management.
In this chapter, we present the key points of the major frameworks and discuss some of the main advantages and disadvantages of each approach. The ...
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