Question 1

What Is Enterprise Risk Management?

Accepted Answer

The overall objective of enterprise risk management (ERM) is to enhance organizational performance by identifying and responding to risks in an effective way. ERM programs evaluate risk across the organization and allow organizations to prioritize and manage those risks in a holistic manner instead of in silos. Through an effective ERM program, organizations can begin to visualize how risks across the organization are interrelated and can have a larger impact together than they would on their own. ERM allows organizations to embed risk management in all critical business decisions and can empower organizations to utilize risk management as a competitive advantage.

Question 2

Who Needs Enterprise Risk Management?

Accepted Answer

All organizations need enterprise risk management (ERM). Risk management impacts the entire organization, from independent contributors all the way to the board of directors. Risk appears in every corner of the business and should be managed and analyzed to drive strategic business decisions. As a result, every organization needs an ERM program. However, the management of a successful ERM program is often driven by the risk and ERM teams and overseen by the board of directors and senior management. It is a crucial part of the risk team’s function to ensure their top risks are identified and monitored. This is accomplished through ERM.

Question 3

What Is the Purpose of Enterprise Risk Management?

Accepted Answer

An ERM program provides the board of directors and senior management with insights into the key risks that could prevent the organization from achieving its strategies and objectives, enabling them to effectively mitigate those risks. An ERM program equips the organization with a structured process for the management of all risks and allows organizations to view the effective management of risk as a competitive advantage. A successful ERM program should strive to embed risk management as a component in all critical decisions throughout the organization.

Question 4

How Can I Manage Enterprise Risk with AuditBoard?

Accepted Answer

Organizations can manage their enterprise risk management program through RiskOversight. RiskOversight integrates and elevates your ERM program — including the identification, assessment, response, mitigation, and monitoring of risks — in a highly visual and intuitive way. RiskOversight enables integration of risks across your organization and allows users to gain insight into top risks and risk trends. Executive-level dashboards and detailed board of director reports provide a holistic view of your overall risk appetite.

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