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ERM: Enterprise Risk Management Frameworks

Enterprise risk management system, or the ERM program, is a set of dedicated tools, procedures and measures governing different risks related to modern enterprises, e.g., allowing avoiding and minimizing these risks. Modern enterprise risk management frameworks have a big knowledge base containing many standard and auxiliary methods of protecting enterprises from risks. The most important issue for ERM program implementations is a key goal of a current enterprise strategy.
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Definition of Enterprise Risk Management

The ERM system forms and uses a knowledge base about all strategies and methods implemented on an enterprise. Here, the enterprise risk management is just a good addition to common tools for governing and resolving any crucial problem.

Still, this situation will change drastically when a knowledge base of an ERM program will be filled with many practical solutions for almost all kinds of critical issues (MES and ERP software can help greatly in filling this knowledge base). With such data and knowledge, an ERM program can fully automate solving any critical situation, as well as detecting and resolving all problems typical for a particular enterprise risk management strategy.

Implementing Enterprise Risk Management Frameworks

It is a common opinion that no possibility exists now for completely automated ERM program that can resolve any trouble without human interference. The basic goal of enterprise risk management is not only automating and IT implementation but also extending an overall level of management. Here, the ERM system is just a supplement, not a boss. By definition of enterprise risk management, it is a business of managers and a matter of strategies, a part of creative human activity.

Still, computer-based enterprise risk management frameworks and integrated ERM systems allows informing and reporting managers about any critical situation. These functions can be highly automated by such programs as NERPA ERP solution or the production-controlling NERPA SCADA program. The ERM system can use the electronic documentation and databases from these systems as a base for creating solutions, and, in turn, add to the information kept by these systems from different ERM program databases.


Learn more about: Product Lifecycle Management, Master Data Management


If you are interested at NERPA ERP or NERPA SCADA, please send us a letter at sales@novosoft.net, and we will glad to demonstrate you any of these products.