The challenges in managing risks are multi-faceted given the rise in their volume and complexities coupled with the fact that many of the techniques used by boards and senior executives are inconsistent with current realities, lack alignment and often ad hoc. This creates an “expectations gap” between what stakeholders and regulators expect of boards and senior executives and what they actually do. One strategy that organizations employ is Enterprise Risk Management (ERM). This emerging business practice emphasizes a top-down, holistic approach that increases the likelihood that an organization will institutionalize effective risk management systems, thus protecting and enhancing stakeholder value.