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ERM

Abbreviation(s) and Synonym(s):

Enterprise Risk Management

Definition(s):

  An effective agency-wide approach to addressing the full spectrum of the organization’s significant risks by understanding the combined impact of risks as an interrelated portfolio, rather than addressing risks only within silos.
Source(s):
NISTIR 8286 under Enterprise Risk Management from OMB Circular A-11

  The culture, capabilities, and practices that organizations integrate with strategy-setting and apply when they carry out that strategy, with a purpose of managing risk in creating, preserving, and realizing value.
Source(s):
NISTIR 8286 under Enterprise Risk Management from COSO Enterprise Risk Management