So What Exactly Is ERM? by ProQuest


Allowing a general user of an enterprise risk management (ERM) standard to apply his or her own understanding of the word "risk" can be full of roadblocks. With no clear and distinct solution, the author took his best research and decided to draft his own definition, vowing to walk-his-talk by (A) not using the "E," the "R" or the "M" words, (B) expressing risk in both positive and negative terms, and (C) keeping it to only one sentence. Here it is: Enterprise risk management: "A decision-making discipline that addresses variation in company goals." Implementing ERM within an organization is another matter altogether. But to ensure that you get to where you want to go with ERM, it is important that you begin by understanding the relevant language. By all means, take the ERM journey, but ensure you know the destination first. It will make your voyage much smoother.

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