Enterprise risk management is a nebulous, hard-to-define topic area. It encompasses a large variety of risks and procedures for the enterprise and it differs greatly from traditional risk management.
So, what exactly is enterprise risk management? In this article, we’ll establish what it is, present two common enterprise risk management strategies, and emphasize the value of having enterprise-ready software to help simplify the process.
What is enterprise risk management?
According to the Committee of Sponsoring Organizations of the Treadway Commission (COSO), enterprise risk management is defined as “the culture, capabilities, and practices, integrated with strategy-setting and its performance, that organizations rely on to manage risk in creating, preserving, and realizing value.”
Put simply, enterprise risk management is the monitoring and remediation of the all-encompassing risks a business enterprise faces. These include all areas of risk management and are not limited to just cyber and info…
