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Article summary:

1. The implementation of Enterprise Risk Management (ERM) has become increasingly important for organizations, especially after the financial crisis of 2008 and the expansion of regulations related to effective management and corporate governance.

2. Critical Success Factors (CSFs) play a crucial role in the successful implementation of ERM, as they help identify potential flaws during the planning phase and ensure that actions are aligned with the CSFs.

3. Risk governance, which includes legal, institutional, social, and economic contexts, is an essential aspect of ERM and involves collaboration and coordination among various stakeholders to evaluate, manage, and communicate risks effectively.

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