The importance of properly setting the objectives for ERM cannot be overstated. It sounds trivial to do, but in fact the setting of the objectives for the risk management function can be quite difficult and quite contentious to accomplish within the confines of an organization. Different stakeholders have very different views of what risk management is, and thus accordingly different expectations for the risk management function.
In risk workshops that we have conducted, simply getting a common definition of risk can be very tricky. Moving beyond that to the objective of the risk management function often leads to a sour expression on workshop participants as workshop participants are frequently under the ...
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