What is enterprise risk management? | Yemen Parliament

Internal audit controls evaluate the ERM or enterprise risk management to find out whether the management of a particular business, company or corporation is effective & efficient. The ERM is a broad, yet, coordinated & structured approach that can monitor any presence or potential for any even that may occur. The ERM is moreover used to make sure that any response to that event is immediate & can assist stave off any unfortunate events that may or may not affect said entity.

In every organization, there is someone or a team of individuals who will make sure that this ERM is successful for this is part of the operations management. To be able to manage any foreseen or unexpected events will assure anyone & everyone within that organization.

There are software risk management available commercially for those younger organization that may still be in the process of setting up their effective ERM teams yet the older organization may have their own developed specifically to answer the needs & requirements of the organization.

Some of the roles that the ERM teams should work on include the assurance that any perceived or potential risks are evaluated correctly, that the approach to correct the potential risk is designed to be effective, that the process to meet the risks are done properly, that the risks are not only evaluated by are reported to the key management teams & that any method used to meet the risks can be evaluated for better future management methods.

The ERM is not supposed to simply settle any potential or met risk, neither is it supposed to impose on any measures which may not be suited for all concerned. The ERM is supposed to provide the board & the management of any corporation that any risks are met accordingly, & if there is any question on what risk management is to used, the board & management can assist provide the appropriate method to correct the risk. The teams in charge of the ERM should not have the authority to implement any responses of methodologies that will address the risk on behalf of the board & management, yet are instead directed by the higher authorities so they are not held accountable.

The ERM is supposed to work for the behalf of the corporation & their current & potential clients & customers. The only way this can happen is if the risk management methodologies are within the confines of what is legal.

Learn more approximately regulatory reporting or liquidity risk management

Source: http://yemenparliament.org/what-is-enterprise-risk-management.html

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