Question
.5 An enterprise risk management (ERM) policy aims to …
a communicate externally that risk management is being practised.
b assist an organisation in integrating risk management into its management
c systematically apply management processes and practices.
d address specific responsibilities of the board and risk committee.
a communicate externally that risk management is being practised.
b assist an organisation in integrating risk management into its management
c systematically apply management processes and practices.
d address specific responsibilities of the board and risk committee.
Ask by Malone Park. in South Africa
Mar 27,2025
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Answer
An ERM policy aims to assist an organization in integrating risk management into its management.
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Extra Insights
An enterprise risk management (ERM) policy is a strategic framework that helps organizations systematically identify, assess, and manage risks across all functional areas, promoting proactive decision-making. It integrates risk management into the organization’s culture and operational processes, ensuring risk considerations are embedded in every decision at all levels.
Creating an effective ERM policy is not just about ticking boxes. It’s crucial for organizations to foster a culture of risk awareness and encourage open communication about risks among employees at all levels. Common mistakes include neglecting to involve key stakeholders during the development phase or failing to regularly update the policy to accommodate changing risk landscapes!
