TECHNIQUES OF ENTERPRISE RISK MANAGEMENT
Key 3: Focus on a simple Risk model with Small Number of Top Risks
The ERM team should identify small number of critical and strategic risks that can be managed, and then evolve from this start.
Focusing initially on a smaller, manageable number of key risks would also be beneficial in developing related processes such as monitoring and reporting for those specific risks. This focused approach also keeps the developing ERM processes simple and lends itself to subsequent incremental steps to expand the risk universe and ERM processes.
The ERM team should identify small number of critical and strategic risks that can be managed, and then evolve from this start.
Focusing initially on a smaller, manageable number of key risks would also be beneficial in developing related processes such as monitoring and reporting for those specific risks. This focused approach also keeps the developing ERM processes simple and lends itself to subsequent incremental steps to expand the risk universe and ERM processes.
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