TECHNIQUES OF ENTERPRISE RISK MANAGEMENT
Winning support and sponsorship from the Top management is a pre-cursor
The Board of directors should sponsor the ERM function and activities by providing the right focus, resources and attention for ERM. ERM must be truly enterprise wide, and understood and embraced by all personnel, and driven from the top through clear and consistent communication and messaging from the company’s board to senior management and to the organization as a whole.
The Board needs to put in place an effective ERM leader who is widely respected across the organization and who has accepted responsibility for overall ERM leadership, resources and support to accomplish the effort.
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