Objective setting

Definition
Objective setting is

"[o]ne of the eight components of [enterprise risk management] ERM. Objective setting involves establishing desired objectives (goals) to complete within a specified period of time. Objective setting occurs at all levels of an organization. Objectives set at the strategic level, help establish a basis for operations, reporting and compliance. Objective setting is a precondition to other ERM components including event identification, risk assessment and risk response."