Enterprise risk management is the identification, prioritisation and treatment of the risks which may hinder an organisation or company from meeting its business objectives. Large engineering firms, as well as high-risk industries including mining, oil and gas will generally have a central enterprise risk management framework to which all other forms of risk management – including project risk management and risk engineering – should align.
Elements of enterprise risk management frameworks
Typical elements of an enterprise risk management framework include:
- Corporate governance
- Strategic risk management
- Financial risk management
- Operational risk management
- Auditing and corporate assurance
These elements are usually overseen by a group or chief risk officer.
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The content on this page was primarily sourced from:
- Webinar titled ‘Perspectives on Risk: Engineers, frameworks and new ways of thinking’, delivered to REBOK Community on 29 May 2018 by Warren Black, Principal and Founder, Complexus
Edited by Nadine Cranenburgh