Why Play Safe if You Can Take a Risk and Manage it?
It is close to impossible for any firm to reduce risk to zero, so knowing how and why to manage it in advance is crucial. The factors which determine why firms invest valuable time and money in enterprise risk management, be they ailing structures in need of a boost or flourishing firms wishing to plan ahead for the challenges that growth presents? Any firm embarking on the process of implementing enterprise risk management (or "ERM") practices is faced with a choice - the cost of such a procedure may not be welcomed by all but, on the other hand, integrating an internal control framework may reap considerable benefits in the long run...
