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ERM concepts and Risk categorisation [33]

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Bullet points include: Support from the top is a necessity ERM needs to be viewed as an important / strategic effort Build ERM using incremental steps A barrier may be perception that ERM is overly complex and expensive (and must be done in a single herculean effort). Experience suggests otherwise Identify and implement key practices to achieve immediate, tangible results Provide opportunity to change and further tailor ERM processes Facilitate identification and evaluation of benefits at each step Focus initially on a small number of particularly important risks Source: COSO (2011). Embracing Enterprise Risk Management

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