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ERM - Coggle Diagram
ERM
Implementation
Planning and designing
risk architecture
identify benefits
risk management
Implementing and benchmarking
Risk description risk classification system
Risk register
Benchmark tests of significance
Measuring and monitoring
control environment
Risk communications
Risk improvement plans
Learning and reporting
Audit plan and risk reviews
Sources of risk assurance
Risk reporting
Relationship between objectives and components
objectives
strategic
operations
reporting
compliance
Roles and responsibilities
encompasses internal control
limitations
Effectiveness
components
internal environment
objective setting
risk assessment
risk response
control activities
Information and communication
monitoring
Definition
A process, ongoing and flowing through an entity
Effected by people at every level of an organization
Applied across the enterprise, at every level and unit, and includes taking an entity level portfolio view of risk.
Designed to identify potential events that, if they occur, will affect the entity and to manage risk within its risk appetite
ERM objectives
Aligning risk appetite and strategy
Enhancing risk response decisions
Reducing operational surprises and losses
Identifying and managing multiple and cross-enterprise risks
Seizing opportunities
Improving deployment of capital