ERM_factors.doc - What is Enterprise Risk Management What are the key factors that contribute to an effective risk management program ERM or Enterprise

ERM_factors.doc - What is Enterprise Risk Management What...

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What is Enterprise Risk Management? What are the key factors that contribute to an effective risk management program? ERM or Enterprise risk management is the process of planning, organizing, implementing, and managing an organization's operations to minimize the impact of risk on the organization's capital and profits. In addition to the risks associated with accidental damage, business risk management also includes financial, strategic and operational risks. There are seven critical success factors that can be used to control the effectiveness of the risk management process. These factors are involvement and support through leadership, communication, culture, IT, organizational structure, training and trust. Because risk management is an important part of the financial sector, efficiency is very important for project success. Top management commitment and support plays a key role in influencing the success of almost all companies in a company. Managers formulate and set goals and strategies for the organization's risk management, tasks and general target activities. Risk management requires
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