This article presents a conceptual framework for strategic enterprise risk management (ERM) in an organisation. The objective is to create awareness about ERM in the Dairy industry by listing the benefits of ERM over the traditional methods of risk management, highlighting various kinds of risks and the process to be followed for the implementation of ERM. The paper concludes that though at present, Enterprise Risk Management as a discipline is not statutorily mandatory for the sector, it is significantly beneficial for the Dairy Industry, being in Food business, to adopt it proactively as a Good Management Practice and ensure mitigation of risks to the business and the very existence of the organization and have a sustainably growing set up.
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