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What is ERM?
Enterprise Risk Management (ERM) is a cohesive approach to manage risk across an organisation and its extended networks. In a fast-paced world, risks that a company manages are evolving quickly. ERM enables businesses to understand their strategic and operational risks and develop the confidence to act quickly and decisively when the time comes. It brings a holistic view of risk to the board in a timely and comprehensive manner.

Traditionally, optimising traditional risk management meant keeping within risk management's expense budget. ERM has transcended from reducing costs and reducing/avoiding/transferring risk to the more contemporary vision of maximising revenue at reasonable risk to add value. The on-going theme of managing returns with the risks and managing the risks with the returns is prevalent. This very essence defines the evolution of traditional risk management to enterprise risk management.

Risk management can be learned by all start-up and family business owners, business leaders and professionals from human resources, procurement, supply chain, marketing, legal, sales, research & development departments who want to grow more in their respective roles. Because risk is inherent in everything we do, the type of roles undertaken by IRM qualified professionals is incredibly diverse. ERM covers the following types of business risks with broad knowledge and the practical skills you need to manage them.
Taxonomy of Business Risks
Economic Outlook
  • Recession
  • Stagination
  • Contraction
  • Credit Crises
  • Steady Growth
  • Expansion
  • Acceleration
  • Peak
Business Environment
(Country Risk)
  • Talent Availability
  • Industrial Action
  • Minimum Wage Hike
  • Sanctions
  • Territorial Disputes
  • Logistics Restrictions
Disruptive Technology
  • E-Commerce
  • Gig Economy
  • Artificial Intelligence
  • 5G Technology
  • Blockchain
  • Robotics & Automation
  • Augmented/Virtual Reality
  • Cryptocurrency
  • Autonomous Vehicles
  • Drones
  • Medical Advances
Extreme Weather
  • Flood
  • Tropical Windstorm
  • Temperate Windstorm
  • Drought
  • Freeze
  • Heatwave
  • Wildfire
Socioeconomic Trends
  • Ageing Population
  • Gender Imbalance
  • Wealth Inequality
  • Poor Educational Standards
  • Migration
  • Emerging Regulation
  • Internal Corruption & Fraud
  • Negligence
  • Revised Accounting Standards
  • Occupational Health & Safety
Economic Variables
  • Commodity Price Fluctuation
  • Inflation
  • Interest Rates
Corruption & Crime
  • Corruption Deterioration
  • Crime Wave/Piracy Increase
  • Slavery Practices
  • Data Exfiltration
  • Contagious Malware
  • Cloud Outage
  • Financial Theft
  • Distributed Denial of Service
  • Internet of Things
  • Industrial Control Systems
  • Internet Failure
  • Earthquake
  • Volcanic Eruption
  • Tsunami
Human Capital
  • Failure To Attract Talent
  • Gender & Diversity
  • Labour Disputes & Strikes
  • Loss of Key Personne
  • Employee Misconduct
  • Private Lawsuit
  • Mass Tort
  • Class Action
Market Crisis
  • Asset Bubble
  • Bank Run
  • Sovereign Debt Crisis
  • Flash Crash
  • Fraudulent Market Manipulation
  • Cryptocurrency Failure
  • Reserve Currency Shift
Government Business Policy
  • Emerging Regulation
  • Corporation Tax Rate Hike
  • Diverted Profits Tax
  • Nationalisation
  • Confiscation of Assets
  • Privatisation
  • License Revocation
Critical Infrastructure
  • Power
  • Transport
  • Telecommunications
  • Satellite Systems
  • Water & Waste
  • Fuel
  • Gas
  • Solar Storm
  • Astronomical Impact Event
Brand Perception
  • Fake News
  • Negative Media Coverage
  • Key Influencer Disruption
  • Negative Customer Experience
Strategic Performance
  • Divestitures
  • Joint Ventures
  • Mergers & Acquisitions
  • Restructuring
  • Poor Investment
Trading Environment
  • Tariff Dispute
  • Cartel Manipulates Market
  • Organised Crime
Change in Government
  • Nationalism / Protectionism
  • Left-Wing Radicalism
  • Right-Wing Radicalism
  • Populism
  • Environmentalism
Industrial Accident
  • Fire
  • Explosion
  • Pollution
  • Structural Failure
  • Nuclear
Climate Change
  • Physical
  • Liability
  • Transition
  • Increase in Extreme Weather
  • Sea Level Rise
  • Ocean Acidification
  • Lower Carbon Economy
Sustainable Living
  • Consumer Activism
  • Sustainable Purchasing
  • Supply Chain Provenance
  • Diet
Management Performance
  • Executive Mismanagement
  • Ineffective Board
  • Management Execution Failure
Company Outlook
  • Hostile Takeover
  • Credit Rating Downgrade
  • Investor Negative Outlook
Political Violence
  • Social Unrest
  • Terrorism
  • Subnational Conflict & Civil War
  • Coup d’État
Environmental Degradation
  • Waste & Pollution
  • Biodiversity Loss
  • Ecosystem Collapse
  • Deforestation
  • Soil Degradation
Health Trends
  • Obesity
  • Longevity
  • Antimicrobial Resistance
  • Medical Breakthroughs
  • Healthcare
  • Social Care
Business Model Deficiencies
  • Technology
  • Customer Preference Change
  • Disruptive Competitor
  • Aggressive Competitor
  • Fraudulent Competitor
  • Intellectual Property Theft
Interstate Conflict
  • Conventional Military War
  • Asymmetric War
  • Nuclear War
  • Cold War
Natural Resource Deficiency
  • Fossil Fuels
  • Biogeochemicals
  • Raw Materials
  • Water
Infectious Disease
  • Influenza Pandemics
  • Coronavirus-like Epidemics
  • Viral Hemorrhagic Fevers
  • Preventable Disease Outbreaks
  • Unknown Emergent Diseases
Pension Management
  • Contribution Management
  • Fund Management
  • Supplier Failure
  • Customer Failure
  • Government Failure
  • Creditor Failure
  • Counterparty Fraud
Food Security
  • Animal Epidemic
  • Plant Epidemic
  • Famine
Products & Services
  • Product Defect/Failure
  • Innovation (R&D) Failure
The Companies Act 2013 of India made it mandatory for every firm to have a robust risk management process and placed specific expectations on important stakeholders in a company, namely, the Board of Directors, Audit Committee and the Independent Directors in relation to risk management.

Clause 49 of the Listing Agreement of Securities and Exchange Board of India (SEBI) states that:

Companies shall lay down the procedure to inform Board Members about Risk Assessment and minimisation procedures. These procedures shall be periodically reviewed to ensure that the executive management controls risk through means of a properly defined framework.

SEBI's update released in 2014, prescribed constituting a Risk Management Committee, in each of the top 100 companies by market capitalisation.

Reserve Bank of India (RBI) has also mandated specified financial institutions to have a Chief Risk Officer, who is required to function independently to ensure the highest standards of risk management.
IRM’s qualifications (Level 1 to 5) have been recognised as the gold standard in enterprise risk management education. Enrolling for IRM's qualifications with Enterprise Risk Management will hone your career, knowledge and enhance your network as you join a global community of risk professionals and business leaders. IRM also delivers customised industry training programs and research to improve technical and professional competence for the ERM profession. We also help leaders boost the credibility of their businesses by supporting their ambitious plans to place risk management at the centre of decision making.

IRM's curriculum builds the foundation necessary for success in any field with a focus on Enterprise Risk Management. Developed by an international team of academicians and risk practitioners, the intensive curriculum provides advanced knowledge in international standards, global risk framework and guidelines, access to case studies, applied exercises and current affairs. By joining forces with industry experts, we ensure that the curriculum for all Levels is constantly reviewed and updated to it relevant in every global scenario.
As an IRM qualified risk-intelligent professional, you can work across sectors in any function.
IRM Qualified professionals have been working across the globe for:
  • Big 4 consulting firms
  • Risk based assurance in consulting and auditing firms
  • Strategic risk management at consulting firms
  • Credit rating agencies in risk management teams
  • Small and medium enterprises
  • Rating agencies as company risk analysts
  • Banks/NBFCs/FI as credit or risk professionals
  • Equity markets as risk research experts
  • Risk consulting and advisory services
  • Industry risk management teams in any sector
  • Due diligence in investment banking