Enterprise Risk Management
A recommended approach to managing enterprise risk, using the Diligent HighBond platform.
Enterprise risk management overview
Enterprise risk management (ERM) is a plan-based business strategy. It helps organizations manage risks that impact their strategic objectives. ERM can focus solely on evaluating the negative impact of your organization's exposure to risk. But, it can also identify potential opportunities.
Challenges and opportunities
ERM programs enable organizations to balance risks and opportunities. They can help organizations improve business performance and more economically achieve strategic objectives.
However, implementing an ERM program requires intimate knowledge about an organization. Further, risk management teams need to establish an ERM framework. This includes creating a comprehensive risk inventory and supporting a consistent risk taxonomy to define and rank risks.
People involved in enterprise risk management
The people involved in managing enterprise risk include:
- Board members
- Risk Management leaders
- Audit and Assurance Management leaders
- Other professional staff involved in the risk management process
Doing it in Diligent HighBond
Identifying strategic objectives and risks
Identify strategic objectives and risks using the Strategy app.