Risk management is one of the most important components in empowering an organization to achieve its ultimate vision
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WEEK 15 ResearchPaper Enterprise Risk Management
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University Of Phoenix,
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...
risk management is one of the most important components in empowering an organization
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WEEK 15 ResearchPaper Enterprise Risk Management
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Running head: ENTERPRISE RISK MANAGEMENT (ERM) 1
Enterprise Risk Management (ERM)
University Affiliation
Student Name
Date
, ENTERPRISE RISK MANAGEMENT (ERM) 2
Introduction
Businesses and organizations face different risks that threaten their existence and success.
Risk management enables businesses and organizations to identify, evaluate, and prioritize these
unfortunate events. There are numerous sources of risks, including legal liabilities, project
failures, accidents, credit risk, natural disasters, and deliberate attacks from competing
companies or individuals. Companies can manage risks by avoiding them, reducing the adverse
outcomes they can cause, reducing the level of risk consequences, or transferring the threat to a
different party. One of the most effective strategies businesses implement in managing risks is
Enterprise Risk Management (ERM).
The Enterprise Risk Management (ERM)
Enterprise Risk Management is a strategy used by businesses and organizations to
identify, assess, and prepare for hazards, dangers, and other disasters (risks) that are likely to
happen. Risks cause interferences on the business of organizations objectives and goals. Apart
from identifying risks, ERM also enables organizations to develop the right action plan
acceptable and available to all investors, shareholders, and stakeholders involved. ERM is used
by all industries, including energy, construction, finance, public health, aviation, and public
health (Khan et al., 2016). Organizations have been managing risks in different ways, like by
buying insurance policies on risks such as natural disasters, fires, and theft. Enterprise Risk
Management also addresses various business risks such as obstacles or challenges associated
with company supply chain failure, technology failure, and expansion costs and financing.
Why organizations need ERM application
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