Abstract
:Enterprise risk management (ERM) has emerged as the new paradigm in risk management with the goal of holistically managing all risks facing an enterprise. Yet organizations still manage risks in a piece-meal fashion and struggle to effectively implement ERM and manage complex strategic risks. This article proposes a solution to this problem: ERM implementation using a system dynamics approach, which enables integrating risks in a causal modeling environment that includes feedback and delays. The methodology is then described using the ISO 31000 Risk Management Standard and illustrated using an example.
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