What is Enterprise Risk Management? cyber security terminology#vlrtraining #cybersecurity

What is Enterprise Risk Management? cyber security terminology#vlrtraining #cybersecurity
Enterprise Risk Management (ERM) is a systematic approach to identifying, assessing, and mitigating risks that could impact an organization's strategic objectives. It involves a comprehensive review of potential threats and opportunities, including operational, financial, and reputational risks.

Key components of ERM include:

Risk identification: Identifying potential risks that could affect the organization.
Risk assessment: Evaluating the likelihood and impact of identified risks.
Risk response: Developing strategies to mitigate, transfer, accept, or avoid risks.  
Risk monitoring and reporting: Continuously monitoring risks and reporting on their status.
By implementing a robust ERM framework, organizations can improve their decision-making, enhance resilience, and protect their bottom line.



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