Enterprise risk management is a(n) ______.

Question

BlackTom AI · Accepted Answer

Consider the concept of enterprise risk management (ERM) and how it is typically described in risk literature. 
Option 1: 'Set of rules' — ERM is broader than a static set of rules; it encompasses processes, culture, and ongoing activities to identify, assess, manage, and monitor risks across the organization, not merely a fixed rule book. 
Option 2: 'One-time project' — ERM is not a one-off initiative; it requires continuous engagement, integration into governance, and regular reassessment as the business environment evolves. 
Option 3: 'Immaterial issue' — This is inaccurate because ERM deals with material, real risks that can impact value, operations, and strategy, not something insignificant or abstract. 
Option 4: 'Ongoing process' — This aligns with how ERM is described: a continuous, iterative, and integrated set of activities that run across time and organizational boundaries. 
In summary, the most accurate description among the options is that ERM is an ongoing process, reflecting its continuous and integrated nature within an organization.

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Enterprise risk management is a(n) ______.

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