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 ERM was developed
- how ERM works.
By the end of this learning module you will be able to:
- appreciate the importance of having a standardised approach to risk management and the key differences to other approaches
- understand the concepts underlying ERM
- recognise ERM’s three dimensional approach to risk management
- appreciate that ERM focuses on both the total organisation as well as the smaller supporting units so presenting an enterprise wide perspective of risk.