Demystifying Enterprise Risk Management

Organizations have always had to manage risk. Business survival requires an organization to successfully manage risk. The challenge is that there are multiple definitions, approaches to, and reporting of risk that are managed in silos across the organization. As organizations face greater complexity, business change, distribution of business operations, and governance mandates from external authorities, the need to have a common definition and approach to risk management across the enterprise becomes increasingly crucial. Risk managers must understand the varying views of risk across the organization and decide on a common framework of risk that the entire organization can work within.