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Data sharing critical to ERM.(enterprise risk management)(Column)
Business Insurance, April, 2007 by Hampton, John J.
Byline: John J. Hampton The prominence of enterprise risk management sessions at the Risk & Insurance Management Society Inc. 2007 Annual Conference & Exhibition shows the topic's importance. At the same time, many organizations focus on internal controls, compliance and hazard risks. But ERM is more than that.
Organizations should consider five features that enhance ERM programs. ERM means many things to different people. To avoid misunderstandings, an organization should determine whether senior executives agree on certain premises. Foundation concepts include: * Risk opportunities. Traditional risk management deals with pure risk where only a loss is possible. A major conceptual advance of ERM is the upside of risk, addressing scenarios where failure to...
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