Risk management has been talked about for many years but it has a history of inconsistent and misunderstood definitions. This has led to the development of new frameworks to allow all types of organisation to understand and better manage their risk environments.
This module will introduce one of these frameworks known as 'Enterprise risk management' (ERM) and will outline what ERM is; why it was developed; and how it works.
On completion of this course, you will develop an understanding of:
- the importance of having a standardised approach to risk management and the key differences to other approaches;
- the concepts underlying ERM
- the three dimensional approach to risk management
- how ERM focuses on both the total organisation as well as the smaller supporting units, so presenting an enterprise-wide perspective of risk.