67. What is Enterprise Risk Management (ERM)?

Alex Sidorenko from RISK-ACADEMY shares his views on what does ERM means to him and how the term has been way overused :))

At RISK-ACADEMY we have compiled free videos of lectures, seminars and interviews with Russian risk managers, as well as free templates and examples of the tools required for the implementation of elements of risk management in the organization of small and medium-sized businesses.

Learn more about integrating risk management into decision making, planning and performance management: https://www.udemy.com/course/1687492/

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Some of the best risk management training courses focusing on decision making, cognitive biases, ERM, risk modeling: https://riskacademy.blog/product/risk-managers-training/

Join the discussion with global risk management experts on LinkedIn: https://www.linkedin.com/groups/1834592/

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MUST read for all risk managers in non-financial companies: https://riskacademy.blog/category/hot/


  1. Abbas

    What should be the basis for classifying the impact ranges if you don’t have operational risk impact database when starting the exercise in a new company?? Can we get some help from external auditor’s materiality level? Highly appreciate if you could guide me on that.

    1. Alex Sidorenko Post author

      First, for good risk management, you don’t need impact ranges most of the time, you need to understand volatility of assumptions. Big difference. Second you don’t need an operational risk impact database

      1. Abbas

        My query was with respect to RM1 to satisfy auditors. So what should be the basis of impact ranges to satisfy auditors while working separately on RM2 in a new organization?

      2. Alex Sidorenko Post author

        That’s easy. Anything. Auditors wouldn’t understand or care as long as it’s relatively sensible. Could be group of experts or any external verifiable source or a little internal stats which always exist if you look hard enough

  2. Abbas

    Thanks a lot for your prompt responses. Highly appreciate it.

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