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Enterprise Risk Management (ERM)


Risks identified in the assessment process must now be prioritized. The methodology for prioritization will be to assess the impact and likelihood of each risk. Impact is the result or effect of an event. Likelihood is the possibility that a given event will occur. The end result of the process will allow for the identification of the highest and lowest risks. Plotting these on a heat map similar to the one shown in the Heat Map of Results graph aids in the priortization of actions.






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