The Potential Cost and Value of ERM
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Many companies find the concept of enterprise risk management (ERM) as a holistic approach to managing a company’s risk profile appealing. However, these same companies are frequently skeptical about its value and whether the results will justify the cost, effort, and challenges of implementing a meaningful ERM process. Despite the effort required, properly implemented ERM programs can improve communication, address cross-functional risks (legal, operational, and personnel matters), help boards comply with various legal rules and regulations, and meet their fiduciary duties to companies and shareholders.