Generated on 2014/06/19 at 04:58:31 AM


Type List | Item List

Process Item: ERM 2: Identify and Score Risks


Acronym or Abbreviation ERM
Alias or Synonym ERM Phases, Standard ERM Framework
Key Words
Description (HTML) Risk identification begins with thinking about what could go wrong and how to prevent it US OMB Circular A-123 is internal control risk assessment guidance. Consider interations within the organization as well as with outside organizations. Strength of ERM is involvement of appropriate stakeholders. Activities:
  • Establish a risk inventory.
  • Develop risk statement: If [an uncertain event occurs] then [specific potential outcome/consequences].
  • Score risk'sseverity and urgency through determining likelyhood, impact, and time frame.
  • Review risk score quality and accuracy, aggregate to reveal pattern across organization.
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    Source Description US Dept of Commerce ERM Training
    Source URL
    Document No document attached...
    Item Quality Status (Item Quality Status) Incomplete
    Updated by webea.09
    Updated on 2014-04-09 17:12:11
    follows follows
    ERM 1: Organize for Risk ManagementProcess ERM 1: Organize for Risk Management
    included in included in
    ERM: Enterprise Risk Management ProcessProcess ERM: Enterprise Risk Management Process
    precedes precedes
    ERM 3: Assess RisksProcess ERM 3: Assess Risks
    references references
    Distinguish Risk, Threat, VulnerabilityDictionary / Knowledge Item Distinguish Risk, Threat, Vulnerability