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Enterprise Risk Management and the Risk Management Process

  • Greg NiehausEmail author
Chapter

Abstract

The purpose of this chapter is to discuss the implications of enterprise risk management (ERM) for the risk management process. From my perspective, ERM does not change the major steps in the traditional risk management process; instead, ERM encourages organizations to take a broader perspective and carry out a deeper analysis in each of the steps in the risk management process. More specifically, I argue that an ERM approach (1) places more emphasis on value creation as an objective of risk management, (2) emphasizes the identification of all major risks facing an organization, regardless of how they are categorized, (3) seeks to assess the aggregate risk facing the organization, and (4) considers a larger and more innovative set of methods/contracts to treat risk.

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Copyright information

© The Author(s) 2017

Authors and Affiliations

  1. 1.University of South CarolinaColumbiaUSA

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