ENTERPRISE RISK MANAGEMENT (ERM) Definition

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ENTERPRISE RISK MANAGEMENT (ERM) identifies risks and opportunities, assesses them for likelihood and magnitude, determines responses strategy, and monitors progress. ERM integrates strategic planning, operations management, and internal control. Monitoring ERM is part of internal control activities.

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REWORK is to change an item in order to improve it or make it more suitable for a particular purpose, e.g. to rework a defective product into one that exhibits the quality required for acceptance.

FIXED CHARGE is those expenses incurred each time a batch of product is produced. Primarily consists of ordering cost for the raw material, engineering costs for machine setup and preparation for the production run, and work order processing cost; also known as SETUP COST.

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