Hello, I have one page paper on enterprise risk management that is based on an article. I want you to add more information about enterprise risk management to make it about 5 pages. Use one more source in explaining what is Enterprise risk management to make it consistent with the original paper I have, and then write about this article (http://www.rmmagazine.com/2016/10/03/innovation-vs-negligence/) that explains some problems that could face ERM. After that add one page reflecting on ERM using first person narrative (use I) answering questions like: 1.What did you know about the subject before you took this course? 2.What did you learn? 3. After you learned about Enterprise Risk Management, what will you do differently when looking at a business that you didn’t do before?
The main ideology behind the conception of ERM is to help companies proactively identify, analyze and manage risks and events that have the capability of impacting the business. Developing a collaborative response is crucial is possible when early identification of risk is achieved. Changes in the business environment require sound judgment in anticipating both the consequences of the particular event and the potential likelihood.
The research conducted illustrates that the difficulty is intensified because the company should be innovative and adaptive, a feature that lacks in many corporations. Following the implementation in different companies, the primary challenge posed is locating the respective area in the company where its potentiality is more enhanced. The transition has been implemented from the traditional leadership function to the various levels of operation.
One of the crucial insights obtained from the interaction with companies adopting the ERM system indicates that the change is effective especially if used in a suitable context. The funds in implementing the system may pose a challenge, however, in such a situation, a counter project can be carried out in regards to the nature of the company. So, upon implementation, the ERM program progresses from its initial establishment to a sophisticated program with prolonged use.
ERM is regarded as a complete approach and as a result, leaders can trust the program as a comprehensive approach to risk management. The plan is meant to scratch through a broad range of operational threats in the internal and external environment of the company that could impact its short term and long-term success. In conclusion, the general conclusion is right; it is true to say that ERM has enabled the provision that is crucial in fulfilling and excelling in leadership mandate.