Description
Present a case study of "ERM adoption and implementation in Higher Education (HE) environments. The case review must be from an established organization.
Consider the following:
Challenges
How the challenges were mitigated or overcome
- Pros and Cons
- Did the implementation fail or succeed?
Explanation & Answer
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ERM Implementation in Higher Education Environments
Abstract
Higher learning institutions around the world are currently adapting the Enterprise Risk
Management. This approach of Enterprise Risk Management is generally based on factors which
include certain implementation systems, external factors, and also organization of various
institution in place. There are also various factors which led to the need to adopt the scenario of
risk management which caused pressure in the transformation of education to higher grounds.
Other factors which led to adoption of ERM was the faculty and the staff of those institutions
and competition in which they are in form of technological advancements and entrepreneurial
ventures in the modern society. However, this study focuses on how the University of Risk
Management and Insurance Association (URMIA) implements implementation of ERM by and
looks into the process of implementation. Various challenges have been identified, which may be
familiar to multiple higher learning institutions. Some of those identified in this study include the
ability to sustain a competitive advantage over others in the marketplace, effective resource
management, and allocation, and solidified reputation and integrity, among others. The need to
implement an ERM approach at the higher learning institutions is brought about by the pressure
to increase responsiveness, accountability, and productivity in the institution. Consequently,
other reasons have also been covered. The challenges met in the implementation of this approach
and the means through which they were mitigated and covered, to increase the knowledge of
how higher learning institutions can effectively implement ERM practices. Overall, URMIA is
seen as a thriving institution in the adoption of ERM strategi...
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