ERM Dened:
“… a process, eected by an entity's
board of directors, management and
other personnel, applied in strategy
setting and across the enterprise,
designed to identify potential events that
may aect the entity, and manage risks to
be within its risk appetite, to provide
reasonable assurance regarding the
achievement of entity objectives.”
Source: COSO Enterprise Risk Management – Integrated Framework. 2004. COSO.