Risk is Risk is Risk.
All risk is, in principle, the same.
Traditional risk management has developed from the bottom-up and in a risk and business-specific way. This means that certain risks in certain business areas are managed relatively well. This siloed approach has created inconsistencies, limitations, and inefficiencies in collecting, analyzing, and managing risk information.
Risk is the effect of uncertainty on objectives (ISO 31000:2018). All risk is the same under this definition, and this is at the core of Enterprise Risk Management (ERM). We should view, analyze, and manage all risks in a consistent way while recognizing any nuances for specific risk types.
ERM provides you with a greater level of consistency in managing risk, and as a result, a greater level of understanding and resulting engagement from your staff.
Download this ebook to get a comprehensive view of what true Enterprise Risk Management is and to learn how it addresses the inherent problems in the traditional, siloed nonenterprise approach.
David Tattam is the Chief Research & Content Officer and co-founder of the Protecht Group. David's vision is to redefine the way the world thinks about risk and to develop risk management to its rightful place as being a key driver of value creation in each of Protecht's customers.
David is the driving force in driving Protecht's risk thinking to the frontiers of what is possible in risk management and to support the uplift of people risk capability through training and content.