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implementing enterprise risk management pdf
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Implementing enterprise risk management (ERM) involves the establishment of a comprehensive framework that allows an organization to identify, assess, prioritize, and manage risks across all areas of its operations. This process involves identifying potential risks that could impact the organization's ability to achieve its objectives, analyzing the likelihood and impact of these risks, and developing strategies to mitigate or manage them effectively. ERM also involves establishing clear roles and responsibilities for risk management, creating risk management policies and procedures, and integrating risk management into the organization's overall strategic planning and decision-making processes. By implementing ERM, organizations can better anticipate and respond to potential risks, improve their overall resilience, and enhance their long-term sustainability.