Enterprise Risk Management (ERM) nowadays is a tool for preventive loss for listed-companies due to the volatility of the external environment. Moreover, apart from being a preventive tool, ERM is more important and posits as a compulsory system for alignment to a regulatory base for listed-companies driven from the issues of a lack of corporate governance (CG), historically, from well-known organizations: World-com, Enron, Volkswagen and so on. Even though, ERM is a vital tool for preventing organizational loss as well as for the alignment of ...