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Risk-taking is part of business: no risk, no reward. The challenge in risk management is therefore not to avoid risks, but to gain a competitive edge by transforming them into opportunities. In three reports, we offer insights on how to create and protect value through best practice in risk management. We explain why and how companies should integrate risk management and performance management; why and how companies should develop a common risk language and react faster to new risks; and why and how companies can define their risk appetite as an essential prerequisite of effective risk management.
"Risk appetite: The strategic balancing act" - outlines how companies can define their risk appetite in strategy-setting and execution, including creating a clear definition of the company’s overall risk appetite by the board. Clear operational definitions of risk appetite are key for an effective Enterprise Risk Management (ERM) framework.
