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Enterprise Risk Management (ERM) was an unfamiliar concept. Today, the issue is quickly ascending the agendas of senior executives and shareholders alike, as corporate scandals and globalization challenge the status quo; and regulators publish new and updated requirements. Enterprise Risk Management is a structured approach to aligning strategy, processes, people, technology, and knowledge to identify and manage uncertainties and risk. Providing a comprehensive, integrated framework that enables organizations to proactively manage business risk, ERM achieves balance between business needs and risk thresholds to increase competitive advantage and shareholder value. ERM definitions tend to vary from source to source, but all contain common themes: a standard risk management process, an integrated view of risks, and a focus on relating risks to business objectives.
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