Leadership Studies

Identify which core component of Enterprise Risk Management (internal environment, objective setting, event identification, risk assessment, risk response, activities, information and communication, or monitoring) is the most critical and state your case as to why you chose it. Support your case with scholarly citations.

 

Sample Solution

Enterprise risk management is a definitive plan-based strategy that aims to identify, assess, and prepare for any potential risks. It is vital for your firm, as these risks can negatively impact your firm’s financial well-being and reputation. Identification of risks and opportunities is one of the most crucial components of the ERM framework. In the course of project execution,, you will come across two types of events- risks and opportunities. Risks can disrupt the project progress, while opportunities can give your firm some tangible benefits. Analyzing these events is at the core of the risk mitigation strategy.

In describing a commonwealth, Hobbes calls the head of the Leviathan and the carrier of the combined state’s power, a “sovereign.” However, in this quote, he states that one is not considered a sovereign unless their power is supreme and unlimited. This cannot be achieved in the case of unrestricted representatives or two sovereigns, as their powers would potentially limit each other. They would also not be superior to each other and thus, not supreme. Therefore, to be considered a sovereign, the head of the Leviathan must be an individual with unlimited power.

Though governed by a single ruler or a monarch, the Leviathan is one of republican origins and purposes as it was made by the people, in service of the people, which leave them accountable to the great Leviathan’s actions. This is highlighted in Hobbes’ definition of the Commonwealth:

“one person, of whose acts a great multitude, by mutual covenants one with another, have made themselves every one the author, to the end he may use the strengths and means of them all, as he shall think expedient for their peace and common defense” (Hobbes, pg.109, s.13).

In this passage, Hobbes recognizes that in agreeing with the social contract the people accept accountability or “make themselves the authors” of the sovereign’s actions or legislation. He also recognizes that such legislations are created with the sole purpose of guaranteeing the public’s will for peace and common defense. Therefore, being the co-authors and benefactors of these laws, the public is as influential to the reigning of a commonwealth as the sovereign is, making it a rule by all through the ruling of one. When listing the rights of a sovereign in a Leviathan, Hobbes claims that it is impossible to i

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