A board of directors is evaluating the implementation of a new ERM program at an asset management company. Which statement below is consistent across the various current definitions of an ERM program and most appropriate to be included in the company’s ERM definition and goals?

A. The ERM program should reduce costs by transferring or insuring most of the company’s major risk exposures.

B. The major goal of the new ERM program should be to reduce earnings volatility.

C. The ERM program should be managed separately from the operational side of the company.

D. The ERM program should provide an integrated strategy to manage risk across the company as a whole.