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The Risk


Submitted by JoeClark » Thu 08-Feb-2018, 18:19

Subject Area: Software Engineering

5 member ratings


Enterprise risk management (ERM) is defined as an organization’s enterprise risk competence—the ability to understand, control, and articulate the nature and level of risks taken in pursuit of business strategies—coupled with accountability for risks taken and activities engaged in. One of the main benefits of ERM is an enhanced perspective and focus on risk management across the institution.

The basic concept of enterprise risk management has been applied, more or less, in several industries for well over a decade. The changing regulatory environment, economic turmoil, and growing complexity of products, tools, and risks has, among other influences, helped to launch the practice of enterprise risk management into the financial services area. In this respect ERM—in the world of banks and financial institutions—is very much in its early development, though much progress has been made.

By definition, the business of banking exposes the organization to a wide variety of risks. The ERM framework is designed to support the depth and breadth of activities by providing a structured approach for identifying, measuring, controlling, and reporting on the significant risks faced by an organization. Specific risk management (e.g., credit, operational, market), capital management, and liquidity management provide the essential underpinnings to an ERM framework.

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