A clearly defined enterprise risk management framework should be based on the organization's key risks, products and services, transactions, and long term strategic/business objectives. A governance structure needs to be formed, risks need to be identified and defined, risk categories and a risk inventory need to be developed, and an initial ERM reporting package created. These elements form the ERM program foundation that outlines how a company is planning to manage, measure, monitor, and report their risks.
Once this is completed, you now are in position to purchase a software solution that matches your framework. Build the framework first, then do an in-depth analysis of the various software solutions in the market. Purchase the one that best suits your framework, and can grow and scale with your organization over the long term.
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