Enterprise Risk Management is a comprehensive, systematic approach for helping all organisations, regardless of size or mission, to identify events, and measure, prioritise and respond to the risks challenging its most critical objectives and related projects, initiatives and day-to-day operating practices. ERM fosters informed decision making that balances growth and return. In essence, it analyzes how much risk a company is taking in light of its growth initiatives. It also evaluates how much risk resides in the expected return. This trade-off represents the value creation element of the process. Implemented correctly, ERM allows a company to identify opportunities for further value creation as it seeks an acceptable risk response strategy.