Wiki Assignment

Article: “Supporting strategic success through enterprise-wide reputation risk management”

Based on the understanding of the research article, it can be stated that enterprise risk management has been found to be instrumental in administering the strategic success of organizations. It has been noted in the research article that in recent time, consideration regarding the reputation of the organization has increased as one of the topmost strategic risks. It had been found that reputation creation and reputation enhancement that is central to the success of an organization calls for the need for an effective enterprise risk management approach by organizations. Enterprise risk management has been considered an integrative and Holistic approach yet there is limited knowledge regarding this approach. It had also been understood that risk assessment, risk culture, and risk governance are considered the key aspects of enterprise risk management.

This aspect of enterprise risk management can also be associated with the importance of the ERM strategy for formulating a cohesive framework for the achievement of strategic objectives to support, enhance the goodwill and reputation of an organization. With respect to the ERM strategy and its implementation in the organization, it has been stated by Gatzert & Schmit (2016) that there is a need for strong Awareness of the risks that the organization faces and the arrangement of resources in the form of training in the education of the employees to address such risk. In this respect by being able to support the strategic success of an organization, enterprise-wide risk management has been considered a strategic approach for Organizational Development and enhancement of corporate reputation. It had also been realized that the enterprise risk management approach also involves the provisions for reporting risks in the organization so that a cohesive culture can be fostered to promote organizational strength and enhanced corporate reputation.