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Enterprise Risk Management

In: Embracing the Black Swan

Author

Listed:
  • Khalil Dindarian

Abstract

Understanding ERM processes and their practical application helps us to discover how organizations can deal with emerging risks. Although the traditional ERM approach gained renewed interest following the 2008 financial crisis and is applied for legal and regulatory compliance, it is not very effective in addressing unexpected and potentially catastrophic risks. A more holistic approach to risk management is required, which we might call Enterprise Resilience. In this chapter, the various definitions of ERM and its processes are discussed, and the distinction between ERM and Enterprise Resilience is clarified, so that we might better understand the interdependencies of the risks that organizations face, and how they might align their strategy and objectives with such risks. Enterprise Resilience is designed to provide a methodology for the integration of emergent risks with strategic risk, and for recognizing the interconnectedness of risks so as to enable practitioners to interrelate emerging risks through robust analytical methods.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-031-29344-3_5
DOI: 10.1007/978-3-031-29344-3_5
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