University of Central Missouri Enterprise Risk Management Research Paper

User Generated

nahg

Computer Science

Description

This research assignment has a specific topic

  1. Select an organization, either your own or another. Discuss at least five key drivers of ERM efficiency that are or should be present in your selected organization. Your discussion should include why you selected each key driver, how each one aligns with the organization's strategic plans, and how each contributes to ERM efficiency.
  2. OR Select a topic of your own: requires a one-page abstract and permission from the professor. (This is the only one that requires prior professor approval)

Assignment requirements:

  • Papers must be your original work.
  • Papers must be at least 10 double-spaced pages exclusive of title page, abstract, tables and figures, references, and any appendices.
  • At least 15 references are expected and at least 10 of those must be peer-reviewed.
  • The paper, sources, and citations are to be provided in APA format.

Reminders on APA Guidelines

  • The paper should be double-spaced standard-sized (8.5" x 11"), with 1" margins on all sides.
  • APA recommends using 12 pt. Times New Roman font.
  • Include a page header at the top of every page.
  • Your paper should include four major sections: the Title Page, Abstract, Main Body, and References.

This research paper is part of the process to prepare you for writing your dissertation. APA style and good academic writing skills are essential.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hi, find the attached file.

Running head: ERM RESEARCH PAPER

1

ERM Research Paper
Name
Institution
Date

Authors Note

ERM RESEARCH PAPER

2
Effective Management of Risks
Introduction

There are several types of risks facing organizations. They include strategic, financial,
compliance, reputational, and operational risks. Risk management strategy is a structured and
coherent and coherent approach use in the management, identification and assessment, and
management of risk. It is a process that entails conducting regular updates and review on
assessments based on new developments. Risk assessment is the process of identifying and
reviewing risks (Kirsch, Harris & Sprott, 2013). Several techniques can be used in controlling
risks, and they include diversification, loss reduction, duplication, avoidance, separation, and
loss prevention. The assessment of risks creates awareness of uncertainty that surrounds events
or outcomes as well as identifying the steps that should be taken to protect the organization and
all its resources. It can be carried out by the management committee (Knight, 2010). The process
should be systematic, regular, and should be recorded. Vehicle incident is the most common
cause of work-related hurtful injury and death in western countries, including Australia. As a
result, the Australia Standard has been implemented by the government to ensure consistent
terminology that helps in guide workers in the public sector. The standard provides a set of
principles for risk management that are generic and flexible (Green, 2015). These risk
management principles are applied in the institutions. The paper focuses on examining the
efficiency of the risk management process in relation to vehicle incidents in an organization
whose core business is transportation.
Risks management process
The management committee of the organization should be more concerned with the
identification and management of major risks. Risks are categorized based on their likelihood of

ERM RESEARCH PAPER

3

occurring and the degree of impact they would have on organizational operations, objectives, and
reputation. Major risks have a high probability of occurrence, and their impact is severe
(Standards Australia, 2009). It is essential to ensure that risk assessment is an integral component
of management and planning in the organization. According to AS/NZ ISO31000 standards,
seven steps are used in identifying, assessing and addressing risks in the organization. The seven
methods are based on the Australian Standard (Kirsch, Harris & Sprott, 2013). They include
communication, the definition of contexts, risk identification, analysis, evaluation, treatment,
monitoring and review of risks.
Communication
Communication and consultation are considered to be iterative processes that are carried
out to provide, share and obtain a company's information. The stakeholders are also engaged in
the management of risk. These aspects are important in good risk management. Communicating
with stakeholders, both the internal and external ones are vital since it ensures that there is a
success in the whole process (Ennouri, 2013). Through communication, risk identification is
made easier. Also, the clarification of risks and balance of interests is made easy (Kirsch, Harris
& Sprott, 2013). This is because the stakeholders can be able to meet and come to an agreement
on certain issues. This aspect should be used in every step of the risk management process.
Context
The establishment of risk context involves the setting of objectives to create a
harmonious balance between the internal and external factors that are supposed to be considered
in the risk management process. The internal environment context is contained in the context.
Some of the internal environment contexts include transport patterns, travel, institutional vehicle
policy, and availability of resources (Baker, 2011). The external environment is also included in

ERM RESEARCH PAPER

4

the context. Some of these things that are included are legal requirements, government
regulation, travel, and transport contractual relationships and relationship with external
stakeholders. The risk management process is also available in the context. An example is the
risk goal setting, defining activities, functions and processes that can give rise to workplace risks
of vehicles Australia, 2009). It is vital to consider the strategic, organizational and context of risk
management.
Risk identification
It is vital to compile a comprehensive events list so that to determine what can happen.
These ...


Anonymous
Very useful material for studying!

Studypool
4.7
Indeed
4.5
Sitejabber
4.4

Related Tags