Enterprise Risk Management (ERM) establishes the framework for managing risk in an organization. Key stakeholders identify events and activities that may affect the organization’s ability to reach its goals, evaluate these events and activities based on how likely they are to occur, and create a response and monitoring strategy to manage them. The risk-response strategy an organization establishes may include several approaches for handling risk. These can include avoiding, reducing its likelihood, choosing alternate actions, sharing the risk, or accepting it. Currently, there is increased scrutiny on enterprise risk management in the United States, driven by regulatory guidelines and the heightened attention of shareholders.
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