The illusion of enterprise risk management – a paper review

Take a risk… #ERM #Paper 💭🔎 @fitsyourprofile

Eight to Late

Introduction

Enterprise risk management (ERM) refers to the process by which uncertainties are identified, analysed and managed from an organization-wide perspective. In principle such a perspective enables organisations to deal with risks in a holistic manner, avoiding the silo mentality that plagues much of risk management practice.  This is the claim made of ERM at any rate, and most practitioners accept it as such.  However, whether the claim really holds is another matter altogether. Unfortunately,  most of the available critiques of ERM  are written for academics or risk management experts. In this post I summarise a critique of ERM presented in a paper by Michael Power entitled, The Risk Management of Nothing.

I’ll begin with a brief overview of ERM frameworks and then summarise the main points of the paper along with some of my comments and annotations.

 ERM Frameworks and Definitions

What is ERM?

The best way to answer…

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