What is ERM?

What is enterprise risk management? Roughly defined, enterprise risk management (ERM) refers to the methods and processes organisations use to control risks and capitalise on opportunities related to their wider goals and objectives. The definition is somewhat wide and non-specific as ERM is by its nature a far-reaching and complex concept. An ERM strategy is planned and implemented with the aim of identifying, assessing and preparing for any potential hazards or dangers the business may encounter. These risks can be both physical and figurative in nature. Despite being a relatively new concept – around a decade old – businesses have proactively managed risk throughout history. The difference being that ERM approaches risk management in a more structured, disciplined and effective manner

This advanced ‘What is ERM’ tutorial is ideal for anyone looking to develop strong, capable and confident risk management skills. Study a broad overview of enterprise risk management, along with the duties and responsibilities of senior risk managers, the benefits of implements ERM and the key components of effective ERM strategies. Additional sub-topics covered include risk and opportunity, planning for extreme events, responding to wide-scale disasters, managing risk exposure, managing company assets and capital, communicating to the company’s stakeholders and crisis communication.