Value for stakeholders is created, preserved, or eroded by management decisions in all activities, from setting strategy to operating the enterprise day-to-day. Enterprise Risk Management (ERM) supports value creation by enabling management to:
Building on the ISO31000 standard on risk management and the COSO ERM framework, PwC has developed and refined a pragmatic and intuitive framework for organisations to focus on. This framework encompasses:
The PwC ERM framework is applied to design, develop, improve or assess risk management practices on a company level, business unit level, for specific processes, projects or specific risk areas.