Risk Management

 

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.

 

Sample Solution

The process of discovering, assessing, and controlling threats to an organization’s capital and profitability is known as risk management. Financial uncertainties, legal liabilities, technology challenges, strategic management failures, accidents, and natural disasters are all potential causes of risk. A comprehensive risk management program allows a company to analyze all of the hazards that it confronts. Risk management also looks at the link between risks and the potential for them to have a cascade effect on an organization’s strategic goals. Because of its emphasis on predicting and understanding risk across a company, this holistic approach to risk management is sometimes referred to as enterprise risk management.

Ross Brenneman, the assistant editor at Education Week Teacher, explains how Gallup, an analytics and advice firm, surveyed 1 million US students on their engagement in school. They found that with every passing grade, more students believe that they aren’t engaged with their education and school environment (Brenneman 1). This is significant because it leads to a flawed perception of their own education, with no knowledge of the education’s purpose. The stimulus material “Social Media and The Movement of Ideas” by Edward Kessler explains how the recent rise of social networks leads to an increase in the efficiency of the movement of ideas. These social networks refer “to the use of ‘web-based and mobile technologies to turn communication into an interactive dialogue” (Kessler 1). This social network can be contextualized as VR devices, which treat educational communication as an interaction between students and their learning, consequently leading to higher engagement. The use of VR is further analyzed by Jane McGonigal in her TED talk “Gaming Can Make a Better World.” Using the example of climate change to convey her message, McGonigal explains how gaming through augmented devices can be used to help individuals understand and solve complex real-world problems (McGonigal). This technology can be applied to academics by subjecting students to a type of game that enhances their learning. There have already been debates on introducing VR into educational settings, as many opponents of the idea explain that it is costly and not effective enough to overtake traditional teaching methods. Currently, educators predominantly use traditional methods of teaching: textbooks and lectures. As social networks increasingly become integrated into our society, changing curriculums by embedding social networks is a question to be considered. As such, VR devices can benefit students’ education and learning abilities by making them more engaged with their learning process, which can be better than current teaching methods.

In contemporary society, students are accustomed to receiving information through interactive learning environments due to the rise of social media. Their knowledge of news and education outside of the classroom comes from informal experiences such as posts and videos on platforms such as Snapchat or Instagram. In contrast, according to Elliot Hu-Au and Joey J. Lee, a doctoral student and a lecture professor, respectively, of Columbia University, students’ education in a classroom setting comes from “transmissionist methods such as lectures, leading to passive, disengaged students”(Hu-Au and Lee 2). Beca

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