If Enterprise risk management (ERM) is what it claims to be, then it is at its core the discipline of managing risk across an entire enterprise. But there are many different types of enterprises, from the pin-striped financial world to the tough, blue denim collars of manufacturing. We can identify four distinct approaches to the management of enterprise-wide risk. These four ERM strategies can be called Diversification, Loss Controlling, Risk Trading and Risk Steering. We will consider each of these in turn, demonstrating that each represents a complete management system, with its own sensible way to accomplish different goals.