Enterprise risk management (ERM) is a proactive, ongoing, systematic, organization-wide process to identify, evaluate, respond to, manage, and report risks that could potentially impact WCB’s vision, mission, values, strategic and operational objectives.
Enterprise risk management framework (ERM Framework) is a structured process for designing, implementing, monitoring, reviewing and continually improving risk management throughout WCB.
Risk is an uncertainty or potential event that prevents WCB from achieving its strategic or operational objectives.