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ERM Framework or ERM Software? Avoid This Common Enterprise Risk Management (ERM) Mis-step

Sponsored By ICS Risk Advisors

Topics:
Compliance & Governance
Finance & Risk Management > Outsourcing
Financial Crisis

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Abstract:
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.
DETAILS
Sponsored by:
Released: May 11, 2012
Length: 6 pages
Format: PDF (953 kb)
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