ERM
Definition
Enterprise Risk Management, more commonly known as ERM, is the process of systematically identifying, assessing and mitigating risk across an organization.
Risk is defined as anything that prevents an institution from meeting its objectives and fulfilling its mission.
Process
The ERM process ideally is a circular feedback loop consisting of the following components:
• risk identification
• risk analysis
• risk mitigation
• process assessment and improvement
Standards
While institutions may develop their own standards for ERM, the standards and guidelines most widely used both in the United States and internationally are the Committee of Sponsoring Organizations (COSO) and the International Organization of Standardization (ISO 31000). At RiskClimate, we have designed our approach to ERM software and consulting based on the most current versions of these standards, keeping with the ability to accommodate institutional differences and preferences at the forefront of our practice.
Our Solution - STORM 1.0
Enterprise Risk Management, more commonly known as ERM, is the process of systematically identifying, assessing and mitigating risk across an organization.
Risk is defined as anything that prevents an institution from meeting its objectives and fulfilling its mission.
Process
The ERM process ideally is a circular feedback loop consisting of the following components:
• risk identification
• risk analysis
• risk mitigation
• process assessment and improvement
Standards
While institutions may develop their own standards for ERM, the standards and guidelines most widely used both in the United States and internationally are the Committee of Sponsoring Organizations (COSO) and the International Organization of Standardization (ISO 31000). At RiskClimate, we have designed our approach to ERM software and consulting based on the most current versions of these standards, keeping with the ability to accommodate institutional differences and preferences at the forefront of our practice.
Our Solution - STORM 1.0
