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Touted as the exemplar of risk management, enterprise risk management (ERM) is being re-evaluated in the aftermath of the subprime market meltdown. A strict methodology guiding companies to identify, measure, assess and monitor all risks to an organization–including their interplay within and across business units–ERM initially was embraced by financial institutions, followed by insurance and energy companies. In many cases, a new C-level position–the chief risk officer–was christened to oversee the effort. Given the veritable parade of CROs exiting the financial institutions sector in recent months, companies are now asking the obvious: Did ERM fail and, if so, why?

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