What is Enterprise Risk Management?

Enterprise Risk Management (ERM) has as many definitions as practitioners. The generally agreed concept is that ERM is a wider subject than traditional risk management and covers all the risks within an enterprise (or company). Traditional risk management focuses on identifying risks, measuring and monitoring risks and designing strategies to limit losses to agreed limits. ERM recognises that businesses take risks in order to make a profit for their owners and therefore considers the upside of taking risks, and attempts to strike a balance between too much risk and not enough risk compared to the enterprise’s strategic direction. A fully functioning ERM process will incorporate risk information (e.g. risk based capital) into strategic planning, management decision making, product design and more. The focus of ERM is to make sure that the risk taking activities of the company are aligned with the objectives of the firm and the willingness of the company to take losses.

What is out there?

These pages seek to provide a summary of the content of a number of websites relating to risk. It is not an exhaustive list (any internet search will bring up many pages of results). They are intended to give a quick flavour of the content of some useful sites, as a starting point.

Aims and objectives:

With the potential for moderated "interactivity" (including the opportunity to provide input and to volunteer, etc), to:

• Give a summary of the like-minded bodies within the UK, and globally, with reciprocal links
• Provide a knowledge portal for topics related to Risk Management
• Provide input to syllabus and CPD development (already under way)
• Advise on current research activities and priorities, giving links to current research projects
• Provide a list of current and proposed events and activities