From risk management to ERM

Michel Rochette

MPRA Paper from University Library of Munich, Germany

Abstract: At one point in time, there was self-insurance. Then came risk management. Now comes the era of enterprise risk management(ERM). Traditional risk management will always be necessary, but ERM will complement existing risk activities by extending the field to cover all core risks as well as emerging and strategic opportunities, because without taking risks, organisations gain no value. This paper will present the main elements of an ERM framework and characteristics of different types of ERM.

Keywords: ERM; CRO; risk management; risk designation; risk framework; risk system; risk culture; governance; risk intelligence; risk capital; GIR (search for similar items in EconPapers)
JEL-codes: D8 D81 G3 G32 (search for similar items in EconPapers)
Date: 2009-02-27
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

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