Why WP Should Apply ERM for Stakeholders Essay

The ERM process applies to hazard, operational, financial and strategic risks throughout the community bank. The model involves five steps: scan environment, identify risks, analyze risks, treat risks, and monitor and assure. As CRO, he/she communicates and coordinates the risk management program to all thirty employees, establishing a holistic approach. Using the ERM process, five

Communicate the risk profile with the Board of Directors, which then requires monitoring, and strategic planning.

Enterprise risk management is a technique used by organizations to manage risks that have the potential to affect the company, both positively and negatively, altering

It my recommendation to Bandon Group to implement EPR firs and CRM follows because ERP provides CRM software. Conceptually, ERP covers all the basic business process but CRM systems focus specifically on processes at the customer interface (Schubert, 2010). The current situation at Bandon Group is not limited to customer relationship or the problem of Bandon Group is not limited to lack of sales and marketing data, the billing system, web enabled support system, better invoice or the integration of the software but the company and its process need overall business restructure and re-engineering because that is all about ERP.

Enterprise risk management is an approach to assist management to identify and manage uncertainties to obtain positive risk objectives. The ERM framework focuses on the development of a strategy that contains the importance of a risk and internal control

The Board of Directors oversees the operation of Strategic Management Ltd., and the work of Crossroads of Delaware. Their primary duty is to review and approve the budget, goals, objectives, policies, procedures, performance and the strategic plan. This board appoints the chief operating officer to oversee the operation of the company (Delaware, Policy & Procedures Binder 1, 2013).

With ERM, participants are given clear instructions on the kind of information needed, making sure everyone understands the parameters for key risk, risk categories, and scoring standards. Each participant is asked to identify key risks to Anthem (in this case, IT), the most likely worst case scenario if the risk occurred, and a score of how severe each occurrence would be for that scenario (Rosenblatt & Segal,

According to COSO "support from the board of directors and senior management is need to get the right focus, resources and attention for ERM" The entire corporation from top to bottom must view risk management as a critical and strategic step towards prosperity. And even though it is not the job of the directors to implement or be a part of risk management activities, they demonstrate clear support for ERM measures. It is up to top management to ensure that the resources are available, the focus is clear and the tone is positive and motivating.

It is very, very clear that without an ERM program in place to help the organization it would be extremely difficult for that particular healthcare organization to make and follow steps to avoid financial disaster’s, especially in today's uncertain market of healthcare. The traditional risk management in healthcare was used to protect hospitals and doctor's from the high rising rate of medical malpractice and professional liability suits in the 1970-1980’s. ERM is more holistic, meaning it takes much more into account that one issue at a time. This also includes patient safety issues and HIPPA

For Riordan to adopt COSO Enterprise Risk Management (ERM) practices in a new initiative, they are more likely to have a successful implementation if they have the full support of the board and chief executives. The ERM plan should not only be compatible with existing organizational goals, it must also be integrated into the culture so that risk management can become salient at all levels of the organization. Even though risk management should be spread throughout the culture, the aims of the program should be concise and focus on a small number of the top risks. Two of these risks that should definitely be among the top of the list are compliance and legal liability that might arise from the company's operations. This report will outline some of the key concepts that should be embodied in the new COSO strategy at Riordan.

The EWF (n.d, p. 4) noted that each organization has a mission that it has to follow. That necessitates the need for protection from problems that can hinder the achievements of the mission. The risks that firms face differ depending on their activities. Risk management requires proper scope, assessment, resource mobilization, and prioritization of the implementation.

Enterprise risk management, also known as ERM, was introduced in 2004 as a strategy to manage risk within a company to avert future outcomes that can negatively affect the company and/or industry. As the concept, ERM spread it became widely accepted. According to the Embracing ERM, Practical Approaches for Getting Started, many companies thrived from adopting and implementing risk management. It was adopted by many to prevent systematic risk by planning, organizing, and controlling the companies’ activities. The 2013 COSO Enterprise Risk Management – Integrated Framework is not the same as the COSO Internal Control – Integrated Framework. The COSO Internal Control – Integrated

The key elements of ERM are the policy itself, the strategy, and the plan (Harb, 2008). If Non-Linear Pro had embraced and implemented a successful ERM plan, many of these negative consequences could have been avoided.

“Risk oversight” describes the role of the board of directors in the risk management process in enterprise-wide. In risk oversight

In the wake of all the financial scandals, a variety of laws and regulations have been passed which makes the board of directors solely responsible for the financial results of their company. Sarbanes Oxley Act of 2002 was one of them, but this covers only a part of the total risks that a company faces. A much wider range like strategic, operational and hazardous risks