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Enterprise Risk Management (ERM) is a comprehensive approach that organizations use to identify, assess, prioritize, and mitigate risks that could potentially affect their ability to achieve strategic objectives. It involves managing risks across the entire organization, considering both internal and external factors that could impact its operations, finances, reputation, and overall success.
The key components of Enterprise Risk Management typically include:
1. Risk Identification: Identifying and categorizing potential risks that could affect the organization's objectives. Risks can be strategic, financial, operational, compliance-related, or related to reputation, among others.
2. Risk Assessment: Assessing the potential impact and likelihood of each identified risk. This process helps prioritize risks based on their severity and probability of occurrence.