Risks and Risk Management Plan Enterprise Risk Management (ERM)

 Kuvat Margit Mannila

Business Dictionary defene risk management  (21.2.2017) such as the identification, analysis, assessment, control, and avoidance, minimization or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer or any other strategy (or combination of strategies) in proper management of future events. 

Investopedia (6.3.2017) has a good presentation about Risk Management on theri pages on the Internet.
Under title: What Is Enterprise Risk Management? they do have a good and simple definition about enterprise risk management (ERM).
"Enterprise risk management (ERM) encompasses all kinds of risks throughout an organization, and it creates plans for managing that risk. Industries such as aviation, construction, public health, international development, banking, finance and insurance utilize ERM. People who work with ERM focus on assessing the risks relevant to their companies or industries, prioritizing those risks, and making informed decisions to mitigate them."

Mark Besley (2016) writes an article: What is Enterprise Risk management (ERM)? (6.3.2017) This is a good presentation also.

Read more: Risk Management http://www.investopedia.com/terms/r/riskmanagement.asp#ixzz4aX8424rc (6.3.2017.)

The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.

Read more: http://www.businessdictionary.com/definition/risk-management.html

The identification, analysis, assessment, control, and avoidance, minimization, or elimination of unacceptable risks. An organization may use risk assumption, risk avoidance, risk retention, risk transfer, or any other strategy (or combination of strategies) in proper management of future events.

Read more: http://www.businessdictionary.com/definition/risk-management.html

The main categories of risk to consider are:

• strategic, for example a competitor coming on to the market
• compliance, for example the introduction of new health and safety legislation
• financial, for example non-payment by a customer or increased interest charges on a business loan
• operational, for example the breakdown or theft of key equipment (Manage Risks 21.2.2017.)

Source via this link (21.2.2017)

 

Source  via this link. Full version. (21.2.2017).

Source via this link. Full version. (21.2.2017).

 

Source via this link. Full version. (21.2.2017). 

References and readings

McKinsey & Company. Enterprise Risk Management and Risk Culture. (21.2.2017).

Mannila, Margit. (2013). Country Risk Maps. Perheyrittäjyys. (6.3.2017).

Mannila, Margit. (2016). Preveiving and Managing Business Risks. Perheyrittäjyys. (6.3.2017).

Mannila, Margit. (2007). Risk and Resiliency: A Biopsychosocial-Ecological Theory of Violence. Perheyrittäjyys. (6.3.2017). 

Mannila, Margit. (2016). Risk Management Plan. Perheyrittäjyys. (21.2.2017).

Mannila, Margit. (2015). Riskienhallinta. Perheyrittäjyys.  (6.3.2017)

MSG. Risk Mangement Process.  This is a good basic paper about the topic. (21.2.2017). 

Sample Risk Management Plan.  Full version. State of North Dakota. (21.2.2017).

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