Definition of ERM
Enterprise Risk Management (ERM): A business continuous process, led by senior leadership, that extends the concepts of risk management and includes:
- Identifying risks across the entire enterprise;
- Assessing the impact of risks to the operations and mission;
- Developing and practicing response of mitigation plans;
- Monitoring the identified risks, holding the risk owner accountable, and consistently scanning for emerging risks.
Adopted From: Risk Management – An Accountability Guide for University and College Boards. 2013 Association of Governing Boards of Universities and Colleges