ENTERPRISE RISK MANAGEMENT

摘要

Enterprise Risk Management (ERM) has arisen out of the insurance and finance industry; however, as the recent global financial crisis has shown, ERM may not necessarily be robust enough or contain stringent enough metrics to enable an organisation to fully understand, monitor and manage its risk. In this paper, the conceptual basis of ERM and how it can be interpreted within the context of corporate governance and the water industry is discussed. In particular, ERM (specifically risk appetite and risk tolerance) is considered in relation to Element 1 of the 'Framework for Management of Drinking Water Quality' {Australian Drinking Water Guidelines (NHMRC/NRMMC, 2004)) and ISO 31000 (constituted in Australia as AS/ NZS 31000: 2009 Risk management -principles and guidelines).