A mounting focus on corporate governance and increasingly stringent legislative requirements are compelling boards of directors to view, assess and mitigate risk on a priority basis. Boards are required to participate in the development of their organization’s strategic vision and must ensure that the appropriate controls and procedures are in place to identify and monitor the business risks that naturally arise as a result of their business strategy. As a result, enterprise risk management (ERM) strategies and best practices are quickly ascending to the top of many corporate agendas. A formal ERM strategy creates a culture of risk awareness within the organization, enables better business performance, strengthens the internal controls structure and establishes accountability for goals and objectives.