Enterprise Risk Management

Definition of Enterprise Risk Management as it relates to Business, Risk Management, Operational Risk Management

Crisis Management refers to the strategies and procedures put in place by an organization to effectively respond to unexpected events that threaten its operations, reputation, or existence. It encompasses the identification, assessment, prioritization, and mitigation of potential crises as part of broader risk management efforts. Crisis management aims to minimize damage, restore normalcy, and protect stakeholders' interests, ensuring business continuity in the face of adverse circumstances. This discipline involves collaboration across various departments, including operations, communications, legal, and security, requiring clear roles, responsibilities, communication channels, and contingency plans to ensure a cohesive response when crises arise.

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