Integrating Risk Assessment in the NAD into the ERM Model

Abstract

In the nineties years of the previous century, the European Union achieved, through introducing the New and Global Approach to technical harmonization and standardization, a significant improvement in the approach to conformity assessment of products, by integrating the requirements for technical products safety into the process of its designing. This was achieved by preventive analyzing and quantifying of risk levels in the design process with the objective of determining the scope of the needed safety systems. On the other hand, we have witnessed a rapid development and implementation of holistic approaches to risks management in enterprises, unified in the modem business practice by the name of Enterprise Risk Management (ERM). Going along that line, the paper presents basis of the E,U New and Global Approach and give an approach to integrating New Approach Directives risk assessment into the holistic approach of risks management in organization, such as ERM.