how ERM can be integrated with an organizations overall strategy

 

Strictly no plagiarism – paper should be checked through safe assign that will be strict than Turnitin or any other plagiarism software.

The reading this week discusses strategy and how ERM can be integrated with an organizations overall strategy. Prepare a research paper on some of the various issues, protocols, methods, frameworks you found and discuss how if possible organizations can use ERM as strategy. It is perfectly acceptable if you deem ERM cannot be used as strategy, just back up your claim with scholarly research and justifications.Your paper should meet these requirements:

  • Be approximately four to six pages in length, not including the required cover page and reference page.
  • Follow APA 7 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 and at least two scholarly journal articles to support your positions, claims, and observations, in addition to your textbook. The Library is a great place to find 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.

Reading material –

COSO. (2017) [Executive Summary].

KEY TAKEAWAYS BEFORE ATTEMPTING THIS ASSIGNMENT

As businesses strive to be more competitive in their respective markets, Enterprise Risk Management (ERM) has become an integral part of strategy development. ERM is an approach that helps organizations identify, analyze and manage potential risks and opportunities. This essay will discuss the various issues, protocols, methods, frameworks of ERM and how it can be integrated with an organization’s overall strategy. Additionally, the essay will evaluate the benefits and challenges of utilizing ERM as a strategy. By exploring these topics
Enterprise Risk Management (ERM) is a structured approach to managing risk across an organization, and is an increasingly important element of an organization’s overall strategy. According to A Hiles in the ‘Handbook of Business Continuity Management’ (2012), ERM can provide a comprehensive view of risk, allowing organizations to identify, evaluate, and prioritize all potential risks. This helps organizations to assess their risk exposures and develop strategies to manage them. Not only does ERM help organizations to identify and manage risk, but it can also identify potential opportunities. By better understanding the organization’s risk profile, and the potential impact of different risks, organizations are better able to identify opportunities that may arise. This can enable the organization to develop strategies that capitalize on those opportunities. In addition, ERM can help organizations identify both internal and external resources that can be used to manage risks. ERM also helps organizations to develop an efficient, cost-effective risk management program that can be integrated into the organization’s overall strategy. As such, ERM plays an important role in the development of an organization’s strategic plans and objectives.
In 2003, A Ebrahim explored the idea of integrating Enterprise Risk Management (ERM) with an organization’s strategy in the journal World Development. Ebrahim focused on examining the different protocols and frameworks that could be used to integrate ERM with an organization’s strategy. Ebrahim found that an organization’s strategies must be properly developed and must be able to adapt to changes in order to be effective. Furthermore, Ebrahim argued that an organization’s strategies must be aligned with their risk management objectives in order to ensure that the organization’s goals and objectives are met. Ebrahim further suggested that an organization’s risk management protocols must be integrated with the organization’s strategic objectives by utilizing frameworks such as event-driven risk management, scenario-based risk management, and risk-based decision-making. These protocols and frameworks help to ensure that an ERM system is able to effectively track and respond to risks, thereby allowing the organization to identify and mitigate risks while also allowing the organization to pursue its strategic objectives. Ultimately, Ebrahim concluded that integrating ERM with an organization’s strategy is an essential component of an effective ERM system (Ebrahim, 2003).
The use of Enterprise Resource Management (ERM) as a strategy has become increasingly popular in recent years. In a 2019 paper on computer standards and interfaces, P Saeidi et al. examined the benefits and challenges of utilizing ERM as a strategy. They found that the use of ERM as a strategy can provide organizations with improved access to information, increased efficiency, improved decision-making, and improved customer service. However, they also found that there are some potential challenges associated with using ERM as a strategy. These challenges include the need for significant investments in hardware and software, as well as the need for extensive employee training. Additionally, the authors also noted that ERM strategies can be difficult to implement and maintain. In conclusion, while ERM as a strategy can provide many potential benefits, organizations need to be aware of the potential challenges associated with its use as well.
In conclusion, organizations should try to integrate ERM into their overall strategy. In order to do so, they should research and consider the various issues, protocols, methods and frameworks that are associated with ERM. While it is possible to use ERM as a strategy, it is also important to recognize that there may be times when ERM cannot be used as strategy, and it’s necessary to back up any claims with scholarly research and justifications. Rather than relying on traditional strategies, organizations should explore the potential which ERM has to offer to better understand the risks and opportunities that arise from using ERM as a strategic tool.
Work Cited
P Saeidi., S Sofian., SP Saeidi.”The impact of enterprise risk management on competitive advantage by moderating role of information technology.”https://www.sciencedirect.com/science/article/pii/S0920548918301454
A Ebrahim.”Accountability in practice: Mechanisms for NGOs.”https://www.sciencedirect.com/science/article/pii/S0305750X03000147
“Enterprise risk management.”https://onlinelibrary.wiley.com/doi/abs/10.1002/978111
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