Enterprise Risk Management Strategy: SLA, Analytics, and Vendor Lock-in

Bibhu Dash

ERM, SLA, internal control, strategic planning, ORM, KRI, Vendor lock-in.

Customer security, employee security, and operational security are all very necessary for any firm to establish healthy work traditions in this digital age and competitive business environment. The organization should centralize and standardize its risk data or process. Connect controls, mitigating actions, and hazards throughout the audit-board platform are very critical. As a result, enterprise risk management in business refers to the strategies and procedures employed by businesses to control risks and take advantage of opportunities associated with the accomplishment of their goals. Modern ERM tools and techniques offer a strong framework for risk management, which typically entails identifying specific occurrences or circumstances pertinent to the organization's goals (threats and opportunities), evaluating their likelihood and potential impact, choosing a response strategy, and monitoring procedures. This article talks about procedures and the importance of ERM and how it affects SLA, process analytics, and vendor management.