Risk management is one of the most important components in empowering an organization to achieve its ultimate vision. With proper risk management culture and knowledge, team members will be “speaking” the same language, and they will leverage common analytical abilities to identify and mitigate potential risks as well as exploit opportunities in a timely fashion. In order to consolidate efforts, the existence of an integrated framework is crucial. This is why an ERM is necessary to the fulfillment of any organization’s goals and objectives. In your final research project for the course, your task is to write a 7-10 page paper discussing the following concepts:
- Introduction – What is an ERM?
- Why Should an Organization Implement an ERM Application?
- What are some Key Challenges and Solutions to Implementing an ERM?
- What is Important for an Effective ERM?
- Discuss at least one real organization that has been effective with implementing an ERM framework/application.
- Conclusion – Final thoughts/future research/recommendation
The paper needs to be approximately 7-10 pages long, including both a title page and a references page (for a total of 9-12 pages). Be sure to use proper APA formatting and citations to avoid plagiarism.Your paper should meet the following requirements:
- Be approximately seven to ten pages in length, not including the required cover page and reference page.
- Follow APA7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.
- Support your answers with the readings from the course, the course textbook, and at least FIVE scholarly journal articles to support your positions, claims, and observations, in addition to your textbook. The school Library is a great place to find supplemental resources.
- Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing.
ntroduction – What is an ERM? Why Should an Organization Implement an ERM Application?
Introduction
The Enterprise Risk Management (ERM) Application is a way to manage risk at all levels of the business.
Introduction – What is an ERM?
An ERM is a way to manage risk at all levels of your business. It’s not a program, it’s an approach. You can’t just implement an ERM and expect results immediately; it requires time, commitment and effort from senior management as well as front-line managers across your organization.
ERM helps you look at risk holistically across the organization by assessing how each department contributes to overall financial performance. This means that when an ERM implementation team looks at how well certain departments are performing with their budgets or cash flow, they’ll be able to spot problems quickly so those issues can be addressed before they become huge problems down the road.
Why Should an Organization Implement an ERM Application?
An ERM application is a way to manage risk at all levels of your business. It’s not just about protecting against financial loss, it’s also about managing the risk of disasters and other potential problems that can impact your company’s bottom line.
An ERM system enables you to analyze risks and prioritize them based on their severity, so they can be tackled with the right resources. This has several benefits:
It prevents disasters from happening by ensuring that resources are available when needed most effectively;
It helps prevent financial loss by providing visibility into how much money has been spent on certain projects or programs;
And if something does go wrong (and it will), an ERM program will help you keep track of what happened so that lessons learned can be applied going forward!
A way to manage risk at all levels of the business.
An ERM is a structured way to identify, assess and manage risks. It’s a systematic process that helps an organization to understand its current business situation, prioritize issues and develop strategies for addressing them.
An ERM application will help you:
Understand how your organization is performing against its mission objectives;
Identify areas of weakness in terms of financial performance or operational efficiency;
Develop strategies for improving performance including cost savings initiatives or new products/services that could result in improved profitability;
Develop action plans with clear milestones along the way towards achieving these goals so you can track progress against targets as well as measure success when goals are achieved (and where necessary).
Conclusion
The benefits of an ERM application are clear: it can help you manage risk at all levels of the business and align the goals of the organization with those of its shareholders. In addition, it provides you with a framework to improve your decision-making processes by using data analytics tools to identify potential issues before they occur.