Hello Yue,
Hope you are safe and doing great in Part-2 study
You can use the following definitions to generate the proper one for easy understanding & memorizing:
IMA:ERM is a structured and disciplined approach: It aligns strategy, processes, technology, and knowledge with the purpose of evaluating and managing the uncertainties the enterprise faces as it creates value.…It is a truly holistic, integrated, forward-looking, and process-oriented approach to managing all key business risks and opportunities, not just financial ones, with the intent of maximizing shareholder value as a whole.
COSO:ERM is a process, effected by an entity's board of directors, management and other personnel, applied in strategy setting and across the enterprise, designed to identify potential events that may affect the entity, and manage risk to be within its risk appetite, to provide reasonable assurance regarding the achievement of entity objectives.
Other:ERM concerns the identification and management of events and circumstances that can affect the ability of a firm to achieve its objectives. It is the process of planning, organizing, leading, and controlling the activities of an organization in order to minimize the effects of risk.
Please find the attached files for full details.
Wish you best of luck, success, safe & healthy condition
Kind regards
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Samer Ahmad, FMVA, SCA
Kuwait
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Original Message:
Sent: 06-25-2020 06:02 AM
From: Yue Li
Subject: The definition of ERM under IMA
I am so confused what is the right definition for ERM under IMA, what's the difference between IMA ERM and COSO ERM?