Enterprise risk management: A global focus on standardization

Abstract

As organizations become increasingly interconnected, their leaders are recognizing the importance of incorporating enterprise risk management (ERM) into their strategic planning and quality improvement efforts. A detailed examination of recent risk events, as well as the ERM provisions of ISO 9001:2015 and the US Office of Management and Budget's Circular A‐123, highlights the forces driving the widespread adoption of ERM practices in both private and public organizations.