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Leveraging Erm To Practice Strategic Risk Management 1100words

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Running Head: LEVERAGING ERM 1
Leveraging ERM to Practice Strategic Risk Management
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LEVERAGING ERM 2
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Introduction
Enterprise risk management (ERM) is an extremely useful initiative for the health of a
business. ERM, at the core, attempts to minimize business risks. It is, therefore, an ongoing
process that involves activities such as planning, organizing and controlling all organizational
activities that can be a source of risk for the business (Bromiley, McShane, Nair, &
Rustambekov, 2015). ERM is critical as it not only shields business from risks and it also opens
up new opportunities. This paper will discuss ERM along various perspectives.
Question #1: Do you believe that ERM will continue to evolve, and if so, how?
ERM will continue to evolve. Currently, ERM is still not well understood by a significant
portion of business leaders. Critics allege that some businesses do not understand how to apply it
or achieve its goals (Fraser & Simkins, 2016). Therefore, ERM will continue evolving as it is
being codified to make it easy to apply and practice. Secondly, ERM will continue evolving to
become more consistent. Currently, there is no agreed framework that governs ERM. In some
instances, some businesses are guided by ISO 31000 while others, particularly the United States,
use the COSO 2004 ERM-integrated framework. As seen, there is no consensus regarding the
best ERM framework to use. Overtime, ERM will evolve in ways that it can be applied in a
consistent manner. For ease of application and standardization, the relevant stakeholders may be
forced to continue improving current ERM frameworks.
Furthermore, ERM will continue evolving so that it can help businesses capture real
value. Fraser, Simkins, & Narvaez (2014), among other critiques, have argued that ERM only
adds little value to businesses. To some businesses, it is more of a formality whose value
addition proposition is not guaranteed. In lieu of this shortcoming, stakeholders will continue

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Running Head: LEVERAGING ERM 1 Leveraging ERM to Practice Strategic Risk Management Student’s Name Instructor’s Name LEVERAGING ERM 2 Introduction Enterprise risk management (ERM) is an extremely useful initiative for the health of a business. ERM, at the core, attempts to minimize business risks. It is, therefore, an ongoing process that involves activities such as planning, organizing and controlling all organizational activities that can be a source of risk for the business (Bromiley, McShane, Nair, & Rustambekov, 2015). ERM is critical as it not only shields business from risks and it also opens up new opportunities. This paper will discuss ERM along various perspectives. Question #1: Do you believe that ERM will continue to evolve, and if so, how? ERM will continue to evolve. Currently, ERM is still not well understood by a significant portion of business leaders. Critics allege that some businesses do not understand how to apply it or achieve its goals (Fraser & Simkins, 2016). Therefore, ERM will continue evolving as it is being codified to make it easy to apply and practice. Secondly, ERM will continue evolving to become more consistent. Currently, there is no agreed framework that governs ERM. In some instances, some businesses are guided by ISO 31000 while others, particularly the United States, use the COSO 2004 ERM-integrated framework. As seen, there is no consensus regarding the best ERM framework to use. Overtime, ERM will evolve in ways that it can b ...
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