Enterprise-wide Risk
Enterprise-wide risk is now a widely used term in the Financial Services and Energy industries and amongst risk software vendors to encompass an integrated approach to risk management, across the organisation as a whole, allowing regulatory capital to be freed up and savings to be made. It no longer makes sense to manage risk on a departmental basis as has been the case in the past.
The dissemination of information and a comprehensive approach to management are required so that risks are netted and the impact of external events over the entire business can be evaluated.
An enterprise-wide risk management system should anticipate how an institution could be affected by a particular risk in order to let the institution make faster decisions and see the whole impact of a particular event.
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