Enterprise Risk Management
The area of Enterprise Risk Management is different from Risk Management in Projects and Programs. It deals with the management of threats and opportunities to an entire Organisation and is increasingly used in the Public and Private sector at both Operational and Strategic levels.
At the Enterprise level it is still based around the four main processes familiar from Project Management; Identification, Assessment, Planning, Implementation & Review. It differs mainly in that the Risk Context is far broader - and that it requires Organisation-wide co-ordination of threats, opportunities and responses.
The benefits of good Enterprise Risk Management are substantial and include;
- More likely to meet operational and strategic objectives
- Reduced exposure to surprises, threats and hazards
- Increased innovation and taking of opportunities