Managing individual business risks is difficult when silos exist. An enterprise risk management (ERM) framework consolidates risk management strategy across an entire organization, enabling better visibility, measurement, and management of business objectives. By Catherine Chipeta.
With a unified focus on addressing risk, compliance teams can universally improve regulatory compliance, governance, and risk management processes.
The main points highlighted in the article:
- What is ERM?
- Why is ERM important?
- How to choose an ERM framework
- Types of ERM frameworks
- 5-step guide: implementing an ERM framework
Do not forget to implement step that involves monitoring and reviewing your ERM program through data analytics to create an ongoing feedback cycle. Aggregating and filtering data manually is a time-consuming and complicated process, with room for human error. Risk optimization tools can help provide meaningful, accurate insights for faster, better-informed decision-making. Good read!
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