Enterprise Risk Management (ERM) is the methods and processes used by organisations to manage risks. ERM provides a framework for risk management, which involves identifying particular events or circumstances that potentially prevent the organisation from delivering their service or product. The risks are assessed in terms of likelihood and magnitude of impact, determining a response strategy and monitoring process. By identifying and proactively addressing risks and opportunities, enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall.
Performance Management in the sense of governance differs from HR Appraisals, it is the method used by organisations to monitor corporate performance. This includes meta-performance such as complaints, compliments and E&D protected characteristics demographics; delivery performance that measures the delivery and outcomes of the organisation’s service or product and strategic performance that measures the organisation’s performance on a regional/national level often using benchmarking groups to assess against.
Social Value is a relatively new concept that is appearing more frequently on funding bids and it is measures and processes that give back to and care for society. This includes localised employment, innovative provision, community support following a significant event and environmental sustainability.