Enterprise Risk Management ERM is being taken up by senior management in almost all major organizations. A lot of big 4's and other risk management agencies are conducting workshops on ERM enterprise risk management. I was an attendee to one such ERM training workshop recently at Chicago IL. The focus of the workshop was how enterprise risk management ERM framwork can be implemented. The key points discussed in the workshop are given below:

The key components of ERM are objective setting, event identification, risk assessment, risk response, information and communication and monitoring. Further, the training program on ERM enterprise risk management elaborated on the elements of an effective enterprise risk management program. The elements are:

1. Senior management commitment
2. Appointment of a risk facilitator
3. Identifying process risks & controls
4. Drawing up a reporting framework
5. Finally measuring and monitoring processes against the framework.

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