ERM can also be described as a risk-based approach to managing an enterprise, integrating concepts of strategic planning, operations management, and internal control.
In its 'Overview of enterprise risk management,' the Casualty actuarial society describes Enterprise Risk Management as: '
Similarly, COSO (Committee of sponsoring organisations) defines ERM as: '
The COSO approach is a comprehensive ERM system that takes a top-down approach to risk management and is widely used as a framework.
Expected return is the weighted sum of the expected returns of the individual investments.
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