ERM Concepts [3]

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Bullet points include: Lam (2003) defines ERM as: “ERM is all about integration: ... an integrated risk organisation; ... the integration of risk transfer strategies; ... the integration of risk management into the business processes of a company”. Kemp and Patel (2011) define ERM as: A framework, using risk as the core building block, to enable key business decisions to be aligned with inherent risk. Involves holistic (‘enterprise’-wide, i.e. ‘entity’-wide) management of risk and (usually) management of business/portfolio as an ‘enterprise’. Sweeting (2011) indicates: Key concept is “the management of all risks on a holistic basis, not just individual management of each risk”

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