Concept map and paper

Now a days, a large number of organizations are implementing Enterprise risk management methodologies to improve their productivity (Financial growth) by their effectiveness on their risk management activities. The success of risk management is directly related to the way the risk management function is implemented. In this paper I am going to implement ERM at a startup online sales company (E-commerce). At first, I am going to identify risk involved, and factors which are affecting with these risks to achieve the final outcome. Once the risk is identified I would analyze the risk factors and then choosing the appropriate management tool to get implemented within the company. Risk management is differentiated on two levels – strategic management level and business process level.

I have developed a concept map to implement ERM at E-commerce Company, based on the risk management process I have taken four key factors that need to be analyzed on the level of risk involved to gain the financial outcome. Let us consider building Reputation of company profile in external world, these would play a prominent role to get the customers attracted to sell the goods and stand in the market against competitors. For instance, promoting the company brand with in the social media ie Facebook, Instagram etc which would target the audience in a very quick way to gain the customers and which is directly related to increase in sales. In similar way we can use different media like introducing the small stalls in public places and proving the sample products to end customers. Utilizing the magazines, newspaper, radio as a medium to advertise the company profile, these results in increase of sales due to increasing number of customers.

Secondly, Establish Credibility would consider as very important factor for any e-commerce company to sustain in the market. Maintaining the quality of product and quality of services would have very high importance to build the loyalty with in the customers. For instance, A customer is looking to buy a laptop from the online store and customer will expect a good quality of the product without any damage or malfunctioned with expected delivery date. We need to consider customer satisfaction and deliver the product on time, this builds the customer bonding which would consider to be crucial for the company to continued survival.

Thirdly, Monitoring the current trend in the market would keep the Company sustain for longer time. For example, in this contemporary world it’s very difficult to avoid the cutting-edge technology for any individuals, as the technology is growing customers will adapt new trends. So, in order to meets the customer demands we need to revise inventory management and need to promote new products with lower price than the compotator. These factors will attract the customers to purchase the products from our company website. This would lead the company to achieve the financial goals within the estimated timeline.

Finally, Securing the customer transactions and personal data are much more important for the organization to sustain. Let’s illustrate an example, customer visits the e-commerce website and purchase a product via credit card transaction, In order to protect the customer data we need to update the company website with SSL corticate which protect the transaction from cyber threats. To restrict the un-authorized users, organization should implement two-factor authentication to protect the customer data.

In conclusion, Implementing the proper Enterprise risk management methodologies in an organization is much more important to achieve financial outcome with in the estimated timeframe.

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