CHAPTER 2
ENTERPRISE RISK MANAGEMENT
RISK QUOTE: When you arrive at a fork in the road, take it.
—YOGI BERRA, BASEBALL PLAYER
RISK QUOTE: The greatest glory in living lies not in never falling but in rising every time we fall.
—NELSON MANDELA, SOUTH AFRICAN STATESMAN
Enterprise risk management (ERM) emerged in the early 1990s as an extension of hazard risk management. It argues that an organization should manage enterprise risks in a single, comprehensive program.
RISK VERSUS UNCERTAINTY
Risk. Something that we attach to a probability. In many cases, we can also calculate or estimate the financial cost or benefit.
Uncertainty. Something that ...
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