Enterprise-Wide Risk Management: Taking off on the Wings of a CRO

by Robert N. Charette

Enterprise-wide risk management (ERM) is a holistic approach aimed at integrating the management of risk and opportunity across the entire enterprise. Traditionally, risk/reward management has been the responsibility of several different organizational units (e.g., finance, treasury, insurance, planning, and/or marketing), whereas the operational risks and opportunities related to project or product efforts have been the responsibility of line management. This "silo" approach to the management of risks and rewards has several problems associated with it.

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Enterprise-Wide Risk Management: Taking off on the Wings of a CRO 7 November 2002