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Enterprise Risk Management
Enterprise Risk Management (ERM) is a rigorous approach to assessing and addressing risks from all sources that threaten the achievement of an organization’s strategic objectives. ERM treats managing risk holistically and strategically.
Incorporating ERM at state agencies
The Governor’s Executive Order 16-06 states, in part, that all state agencies should prioritize loss prevention. Agencies can do this by assessing all areas of agency exposure to risk (strategic, operational, compliance, financial, reputational, health/safety, and employment). Agencies can then manage those exposures as an interrelated risk portfolio, rather than in departmental “silos." Agency risk managers should seek to embed ERM in all levels of the agency.
ORM helps Washington state agencies and colleges using ERM
The Office of Risk Management is committed to assisting Washington state agencies, boards, commissions, and higher education institutions understand and apply ERM through ongoing training, consultation, and resources. Part of this educational process is made available through the Risk Management Essentials training.