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Strategic Risk Management Last Updated: December 19, 2023 Strategic Risk Management (SRM) is integral to navigating the complexities of today’s business landscape and securing long-term objectives. Understanding and managing strategic risks align with the broader goal of effective governance, particularly at the board level.
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At the same time, the spotlight is on corporategovernance, the set of principles guiding businesses in being accountable, transparent, fair, responsible, and risk-aware. ERM is an essential component of corporategovernance and is crucial for navigating today’s dynamic risks and regulations.
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Culture isnt just a set of values written on a corporate websiteits the behavior that is rewarded, tolerated, or ignored every single day. And when misaligned with governance and risk management, it can be the root cause of some of the most damaging business failures.
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COBIT is one such best practice framework, but its scope is unique from most frameworks in that it focuses narrowly on security, risk management, and governance. Short for Control Objectives for Information and Related Technologies, COBIT was first developed to guide IT governance and management. What are the benefits of COBIT?
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