What is Enterprise Risk Management?

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Enterprise Risk Management (ERM) is a process by which organizations identify, assess, and manage their risk, both from internal and external sources, in order to maximize the potential of success while minimizing the potential of failure. ERM helps organizations identify, evaluate and prioritize risks, and then develop strategies to manage the risks, including mitigating or transferring them. The goal of ERM is to ensure that organizations are prepared and able to manage risk, while also enabling them to capitalize on opportunities and meet their objectives. ERM is a continuous process, not a one-time event, and should be embedded into the fabric of the organization.