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Content Summary: ERM Overview
Enterprise Risk Management, often referred to as ERM is a set of processes and methods utilised by organisations to manage risks and exploit opportunities associated with the achievement of their objectives.
Content Summary: Risk Types
There exist over eighty Enterprise Risk frameworks and a significant number of definitions of Risk, one of the more popular frameworks is the Casualty Actuarial Society model which conceptualised Enterprise Risk Management as continuing across the two dimensions of Risk Type and Risk Management Processes.
Content Summary: Risk Functions
Most organisations will have a number of Risk functions, such as IT Risk Management, Currency Risk managers, closely related to the Financial Risk Managers to identify and manage explicit Risk.
Content Summary: Internal Audit
The Internal Audit role is a critical Risk Function that would typically be independent of other organisational roles, for example, while it might be common for the Chief Financial Officer to lead the financial Risk Function as well as be responsible for the organisation accounts, it would be unusual for the Chief Audit Officer to be employed in any other function within the organisation outside of the head of the Internal Audit Risk Function.
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