Final answer:
ERM requires collaboration across all levels of an enterprise, involving management and employees in a unified strategy to manage risks.
Step-by-step explanation:
Enterprise Risk Management (ERM) must involve collaboration across the enterprise. Effective ERM requires a cohesive approach where management and employees at all levels participate in identifying, assessing, and managing risks that could affect the entity's ability to achieve its objectives.
By involving various departments and leveraging diverse perspectives, businesses can create a more robust risk management strategy that covers a broader spectrum of potential risks.