Enterprise Risk Management Assignment Help
1- You specifically need to focus on implementing Enterprise Risk Management (ERM). Choose a "theme" (i.e. ERM in higher education, manufacturing., etc.), and make sure that all your resources relate to your theme.
2- Each of you will identify the main ideas and concepts that are embedded in his/her paper.
3- Once you have generated some concepts to work with, ask yourself how these concepts are related.
4- Create a concept map of the important concepts that underpin your paper and their connection to each other.
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Enterprise Risk Management - Concept Mapping
The theme selected for enterprise risk management in the current context is about Higher education. The discussion is all about the concept mapping in ERP in higher education. The central concepts of the discussion are about the core concepts that make up the ERM here. The first in the discussion is about core elements of ERM, Financial management, Operational management, Strategic Management and Regulatory compliance are some of the key elements of the enterprise. The sequence of activities in the ERM consists in identification of the core functional areas of the division, ie, financial, operational management, Strategic management and Regulatory divisions make up the core functional areas of the organization.
The next sequence in ERM is employing the right tools for measuring the risk associated with each of these processes in the Enterprise. The selection of the right tools like SWOT, PESTLE etc will be done in accordance with the prevailing situation. Once the right tool is selected for evaluation, subsequent evaluation consists in Assessment of the risk contained in that particular process.
The next concept is the measuring the risk, measuring the risk is critical since it provides detailed information about the severity of the risk and subsequent risk mitigation and elimination measures will be taken up during this process. Once the risk measurement is done, appropriate corrective measures will be implemented in accordance with the actual risk measured in the due course of time.
Risk Assessment follows with the modification of the event or the process and subsequent implementation of the corrected model in the organization. The process will be followed for chronical inspection and rectification of the scenario.
Each of the concepts discussed above like risk identification, measurement, mitigation are interrelated as each of them are integrated to form components of comprehensive enterprise risk management system of the organization.
Relationship of these concepts and the efficient procedures of implementation of each of these tasks will define the ultimate goal outreach in the organization. A comprehensive discussion can be included about all these elements in a literature review or in a critical evaluation of a practical scenario (Lee & Green,2015).
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