No Plagiarism, minimum of 450 words. No Grammar mistakesEnte…
No Plagiarism, minimum of 450 words. No Grammar mistakes Enterprise Risk Management Integrating with Strategy and Performance Executive Summary. (2017, June). Retrieved from Do, H., Railwaywalla, M., & Thayer, J. (2016). Integration of ERM with Strategy (p. 35). Retrieved from Poole College of Management, NCSU website: After reading the above articles, and any other relevant research you locate, please discuss the following in your main post:. After 250 words, each 100 words should be answering any from the below Ask an interesting, thoughtful question pertaining to the topic At least one scholarly source should be used in the initial discussion thread. Be sure to use information from your readings and other sources. Use proper citations and references in your post.
Enterprise Risk Management (ERM) is a crucial element in the successful strategic management and performance of an organization. It involves the identification, assessment, and mitigation of risks that may impact the achievement of organizational objectives. By integrating ERM with strategy and performance, organizations can effectively manage risks and enhance decision making.
The article “Enterprise Risk Management Integrating with Strategy and Performance Executive Summary” (2017) emphasizes the importance of aligning risk management practices with organizational strategy. It highlights how ERM can provide valuable insights into potential risks and opportunities that can influence strategic decision making. By integrating ERM with strategy, organizations can improve their ability to anticipate and manage risks in a proactive and systematic manner.
According to Do, Railwaywalla, and Thayer (2016), the integration of ERM with strategy helps organizations achieve a higher level of risk maturity. It enables organizations to identify and assess risks across the entire spectrum of strategic objectives, thus enabling better decision making and resource allocation. By considering risk implications at the strategic planning stage, organizations can align their risk appetite and tolerance levels with their strategic goals, optimizing the risk-reward trade-off.
One interesting question that arises from the integration of ERM with strategy and performance is how organizations can effectively measure the success and impact of such integration. While it is important to align risk management practices with strategy, it is equally essential to evaluate the effectiveness and value of this integration. This could include assessing the extent to which risk insights have influenced strategic decisions, the level of risk awareness among decision makers, and the overall impact on organizational performance.
To answer this question, organizations can use various performance metrics and indicators to measure the success of integrating ERM with strategy. For instance, they can examine the correlation between the identification and mitigation of strategic risks and key performance indicators such as profitability, market share, and customer satisfaction. They can also conduct periodic assessments to evaluate the level of risk maturity, the effectiveness of risk mitigation strategies, and the alignment of risk management practices with strategic goals.
It is important for organizations to leverage scholarly research in exploring the integration of ERM with strategy and performance. Academic studies can provide valuable insights into best practices, challenges, and benefits associated with this integration. By referencing these sources in their discussions, students can demonstrate a well-rounded understanding of the topic and support their arguments with evidence-based research.
In conclusion, integrating ERM with strategy and performance is essential for organizations to effectively manage risks and optimize decision making. By aligning risk management practices with strategic goals, organizations can enhance their ability to identify, assess, and mitigate risks. Measuring the success of this integration is crucial to ensure its effectiveness and value in improving organizational performance.