Enterprise Risk Management: Frameworks, Applications, and Strategic Integration
Keywords:
Enterprise Risk Management, ISO 31000, COSO ERM, Risk Assessment, Strategic Planning, Organizational ResilienceAbstract
To cope with today’s challenging business situation, organizations now rely on Enterprise Risk Management (ERM). This analysis discusses the root principles of ERM, looks at main frameworks such as ISO 31000 and COSO ERM and reviews their use in various industries. The investigation reveals advantages and disadvantages of risk management by focusing on its use in planning and making decisions. A review of relevant materials supports the point that adopting a whole-system approach to risk management is important for both resilience and performance.