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Enterprise-Wide Risk Management Modelling — An Overview

Enterprise-Wide Risk Management (EWRM) is the new model of risk management, in which the identification, understanding, measurement and management of the assortment of risks (i.e., operational, insurance, technology, financial, environmental, etc.) a business is facing is integrated and coordinated across the entire organization. It is a structured and disciplined approach that aligns strategy, processes, people, technology and knowledge with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value. In the past risk management was highly fragmented from an organizational perspective. EWRM is fast becoming the best practice standard because the traditional approach of managing risk separately or “managing risk by silos” has proven to be ineffective. This paper provides an overview of recent advances in risk identification and measurement and modern risk management strategies (avoiding, retaining and financing, reducing, transferring or exploiting risk) used by enterprises today.