The recent global financial crisis has clearly highlighted the need for proper identification, analysis and management of business risks, which were largely neglected in the pre-crisis era, with inadequate valuation models and without proper corporate governance procedures, whereby risk management models were largely set up solely as to meet the formal requirements of the regulator. One of the most reputable risk management models currently available is the process of integrated corporate risk management e.g. Enterprise Risk Management. By integrating the corporate risk management process into the day-to-day operations of the company in such a way that the risk management process is not an end in itself, or merely a fulfillment of formal requirements of a regulator or stakeholder, but rather is a process which supports and enables business decisions - is a way that ensures obtainment of competitive advantage and long-term sustainability of the company. The purpose of this thesis is to introduce the concept of enterprise risk management, to provide a comparison of two most prominent norms for enterprise risk management, as well as to show, on real example, the application of the process of enterprise risk management within one multinational company with head quarter in Croatia.