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Enterprise Risk Management (ERM) Applications

Enterprise risk management (ERM) applications support the establishment of an integrated, thorough and strategic approach to the management of risk across the organization by helping organizations to identify, measure and manage various risk classes, including market risks, credit risks, liquidity risks and operational risks. In particular, the applications allow organizations to aggregate and normalize data from multiple data sources, including operational and financial systems. By providing a better understanding of the risks to business objectives, ERM enables better business performance. ERM applications also help companies address the increasing pressure from regulators to improve the risk reporting in annual reports and improve the board’s role in risk management oversight. ERM applications usually include functionality to extract data in a controlled way from multiple source systems, such as financial systems, into an integrated risk register. In addition, they include functions for risk analytics, reports and alerts to support decision making. ERM applications also include compliance-related functions, such as audit trails, regulatory reporting or control policy management.

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