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What is Enterprise Risk Management

Encyclopedia of Knowledge Management, Second Edition
A systematic and integrated approach to the management of the total risks that a company faces. (Dickinson, 2001)
Published in Chapter:
Knowledge Management and Risk Management
Eduardo Rodriguez (IQAnalytics, Canada) and John S. Edwards (Aston Business School, UK)
Copyright: © 2011 |Pages: 8
DOI: 10.4018/978-1-59904-931-1.ch060
Abstract
This article takes the perspective that risk knowledge and the activities related to RM practice can benefit from the implementation of KM processes and systems, to produce a better enterprise wide implementation of risk management. Both in the information systems discipline and elsewhere, there has been a trend towards greater integration and consolidation in the management of organizations. Some examples of this are: Enterprise Resource Planning (Stevens, 2003), Enterprise Architecture (Zachmann, 1996) and Enterprise Content Management (Smith & McKeen, 2003). Similarly, risk management is evolving into Enterprise Risk Management. KM’s importance in breaking down silos within an organization can help it to do so.
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Emerging Standards and Protocols for Governance, Risk, and Compliance Management
corporate governance related structures or procedures in an enterprise or organization for dealing with risk. In the well known standard provided by the Committee of the Sponsoring Organizations of the Treadway Commission (COSO), risk management comprises eight components, environment identification, objective setting, event identification, risk assessment, risk response, control activities, information and communication, monitoring.
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The Social Responsibility of the Firm: A Corporate Governance Perspective
Theoretical framework to incorporate risk definitions and concepts in management practices, from corporate strategy to operations systems, aiming at preventing and mitigating adverse situations and to minimise losses.
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