According to COSO, ERM is best defined as

A process, effected by an entity$$s board of directors, management, and other personnel, designed to provide reasonable assurance regarding the achievement of objectives relating to operations, reporting, and compliance.

The culture, capabilities, and practices that organizations rely on to manage risk in creating, preserving, and realizing value.

A serial process in which one component affects only the next component.

A process that takes a control$-$based approach to an organization.