Key Definitions

ERM Key Definitions

To gain an understanding of ERM, it is important to become familiar with the following frequently-used terms:

Emerging Risk	Risk
Enterprise Risk Management (ERM)	Risk appetite
Impact	Risk level
Inherent risk	Risk response
Integrated Review	Risk owner
Likelihood	Risk severity
Mitigating activities	Risk Trend
Monitoring activities	Sub-risk
Residual risk	Sub-risk owner