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Fundamentals of Enterprise Risk Management by John J. HAMPTON

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CHAPTER 2SCOPE OF ERM

RISK QUOTE: When you arrive at a fork in the road, take it.

—YOGI BERRA, BASEBALL PLAYER

RISK QUOTE: The greatest glory in living lies not in never falling but in rising every time we fall.

—NELSON MANDELA, SOUTH AFRICAN STATESMAN

Enterprise risk management (ERM) emerged in the late 1980s as an extension of hazard risk management. It argues that an organization should manage enterprise risks in a single, comprehensive program and coordinate ERM with hazard risk management, internal control processes, internal audit, and compliance.

Like modern risk management, ERM has existed for a sufficient period of time that we can refer to 1990 to 2006 as its traditional period. ERM raised issues about risk tolerance. How much risk ...

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