WEEK 7 ERM & ORM

Need Replies: ERM:

13 hours ago

Ram Sujeeth Yerra 

Discussion#7

COLLAPSE

Top of Form

Hi All,

Identify Risk

            An undertaking risk evaluation procedure recognizes and organizes an organization's risks, giving quality contributions to leaders to help them detail viable risk reactions, including data about the present condition of abilities around dealing with the need risks. Risk appraisal traverses the whole association, including basic specialty units and practical territories.

Source Risk

            When need risks are recognized, they are followed to their main drivers. In the event that administration comprehends the drivers of risk, it is simpler to configuration risk measurements and proactive risk reactions at the source. Will this progression present difficulties? Very likely. Conquering them is critical to progress.

Measure Risk

            There is a proverb that says, If you can't measure something, you can't oversee it. Since not all risks are quantifiable, expanding straightforwardness by creating quantitative and subjective risk measures is normal practice.

Measurement approaches might be straightforward and essential. Here are a few instances of how to measure risk:

· Risk rating or scoring

· Claims presentation and cost examination

· Sensitivity examination

· Stress testing

· Tracking key factors identifying with a recognized presentation

Evaluate Risk

Considering the need risks recognized, their drivers or main drivers and their weakness to measurement, the following stage necessitates that administration pick the suitable risk reaction.

There are four classifications of risk reactions:

· Avoid

· Accept

· Reduce

· Share

These reactions can be connected to gatherings of related risks comprising of normal groups of risks that offer key qualities reliable with a portfolio see. The association initially chooses whether to acknowledge or dismiss a risk dependent on an evaluation of whether the risk is attractive or bothersome. An attractive risk is one that is intrinsic in the element's plan of action or ordinary future activities and that the organization trusts it can screen and oversee viably. An unwanted risk is one that is off methodology, offers ugly rewards or can't be observed or oversaw successfully.  On the off chance that a substance acknowledges a risk, it can acknowledge it at its present level, lessen its seriousness and additionally its probability of event, or offer it with a monetarily fit, autonomous gathering.

Reference:

1. Fraser, J. R., Simkins, B. J., & Narvaez, K. (2015). Implementing Enterprise Risk Management Case Studies and Best Practices. Hobonken, New Jersey, USA: John Wiley & Sons, Inc.

2. Barton, Thomas L., William G. Shenkir, and Paul L. Walker, Making Enterprise Risk Management Pay Off, Financial Executives Research Foundation, Upper Saddle River, N.J., 2001.

11 hours ago

Ramneel Reddy Kota 

Successful Implementation of ERM

COLLAPSE

Top of Form

Successful Implementation of ERM

Enterprise Risk Management Is a continuous process led by senior leadership which is built into a routine business process designed to identify and manage current and emerging risks tied to the organization strategic goals and objectives. This is a hold leadership applied across the organization. 

ERM Is successful when It is presented as a solution to the real management problems and management responsibility Instead of a compliance tool. Risk experts supporting manager In translating risks responses and controls In workable solutions embedded In existing processes.

· A Risk Manager needs to authenticate a process that every employee should follow the protocol of the risk management process In Every Organization

· A regular audit of the application In organization to reduce the effective Impact of risk.

· ERM should always need to be consistent application of techniques to manage the high number of complex and diverse risks.

· ERM Should not only rely on the application and process but also should make the connections with the application owner and gain commitment from the people In Organization.

· The efforts that risk managers Put In the organization should be a Non-profit leadership across the Organization.

· The Organization should also need to have the right tools and framework and also should bring the risk-aware and risk-consciousness culture

The above-provided methods will help any organization to have a successful ERM. 

Need Replies ORM

20 hours ago

Venkatesh Kannedhara 

Discusion

COLLAPSE

Top of Form

Chapter 21 has dealt with the expansion of the world of information and technology. The study here has beautifully illustrated the reasons that escalated the importance of an information delivery system. It is clearly understood from the chapter is that information technology has revolutionized over the year greatly impacting every sector of business. Even 15 years back there was no such development in the information technology system. With the advancement in information technology system with time has brought changes in the information delivery system. In the year 1990 information management and delivery were barely seen. However, with the emergence of technology, this scenario has completely changed for betterment (McKeen, 2015).

There are numerous reasons that responsible for this attention to information. First, it is evident that organizations across the world are content with various types of information available. Secondly, companies lately have recognized the importance of information and its utilization. Thirdly new laws governing what can be done and what cannot be done information is driving awareness in information technology (McKeen, 2015). The possibilities of information are spreading rapidly which and companies are taking steps to integrate information systems in their operation. Innovative and advanced technologies are developing different types of information. In addition to these various innovative channels of information, delivery is also created (Lee et al., 2018).

Moreover, these advanced technologies are providing various new and innovative ways to organize and assess information. This can be further explained with the help of an example. A few years back advance information delivery channels such as e-mail, texting, social media, computing and internet did not exist (McKeen, 2015). Now at present with the emergence of advanced technology has revolutionized the entire information delivery system. Earlier people cannot even think of transacting business on the virtual platform but now these innovative information delivery channels have made it possible. New information applications were greatly driven by navigation tools, mobile technology, and immensely enhanced storage media which were not possible earlier.

Reference

McKeen, J. D. (2015). IT Strategy:Issues and Practices. Harlow: Pearson Education Limited.

Lee, J., Marcus, K., Abdelzaher, T., Amin, M., Bar-Noy, A., Dron, W., ... & Sha, L. (2018). Athena: Towards decision-centric anticipatory sensor information delivery. Journal of Sensor and Actuator Networks, 7(1), 5.

COLLAPSE

Top of Form

Hi All,

I would like to add discuss about the methods and future of Information deliver.

Effective information delivery involves developing practices to manage different forms of information over their life cycles. For each type of information, strategies, processes, and business rules must be established to address each of the four life

cycle stages.

1. Capture. This includes all activities involved in identifying (i.e., analyzing and integrating) information for possible use. Typically, gaps appear at the borders between silos of information and when trying to connect structured and unstructured information. Capture may also involve digitizing information that is currently in paper format (e.g., documents). At present few organizations formally capture external business intelligence information such as economic, social, and political changes; competitive innovations; and potential problems with partners and suppliers, although many have begun to capture social media content. In the future, however, such information will be captured from an increasingly wide range of sources from both outside and inside the organization (Kettinger and Marchand 2011). Furthermore, users will increasingly demand real-time or near-real-time information, and this will require further refinement of information-capture practices.

2. Organize. Organizing information involves indexing, classifying, and linking together sources. At the highest level, this involves creating a taxonomy—that is, a systematic categorization by keyword or term (Corcoran 2002). This provides an organizing framework for information that facilitates ease of access. A second layer of organization involves creating metadata—that is, information about content and location. Metadata provide a roadmap to information, much as a card catalog points to the location and information about a book (Lee et al. 2001). Metadata are especially important for workflow design, the overall management of information, and information exchange among enterprises or different software applications. A third layer of organization is provided by processes that identify information ownership and ensure that it meets the necessary corporate, legal, and linguistic standards. These processes also manage activities such as authorship, versioning, and access. A final component of organization involves information presentation. Many organizations have developed a common look and feel for their materials, such as mobile, Internet, or portal pages, to enable ease of navigation and interoperability among platforms.

3. Process. As already noted, organizations have only begun to leverage the value of their information. New information-delivery technologies and channels as well as the recognition of the business value of information are driving the development of new organizational capabilities based on information and technology. IT plays a significant role in the analysis of information and its capture in the form of structural capital. However, organizations also need businesspeople with deeper analytic skills who can combine their knowledge of business with knowledge of data. Statistical modeling and analytic skills will also be increasingly needed to identify opportunities and make sense of huge amounts of data.

4. Maintain. Different types of information must be maintained differently (Williams 2001). For unstructured content, such as documents, social media content, and Web sites, maintenance involves keeping information up to date. All information needs to be regularly assessed as to how well it is meeting the business’s needs. Finally, principles and standards must be established for information retention and preservation and for its disposal.

Some of the most important future directions forinformation delivery include the following:

• The Internet of things. Wireless communications and radio frequency identification(RFID) product tags will soon enable organizations and industries to trackindividualphysical objects (e.g., cans of beans, car parts) as they move through thesupply chain. Already, Walmart is conducting large-scale trials of this technologywith two hundredof its major suppliers. Within a few years, many predict that RFIDwill replace the Universal Product Code (Langton 2004). And this is just the beginning.As these technologiesbecome more sophisticated, organizations will be ableto track and remotely monitor the status of everything from the freshness of lettucebetween the field and the store to the location of hospital supplies. Even though thistechnologyis almost ready for prime time, most organizations are nowhere nearready to cope with making sense of such a large influx of information. This will beone of the biggest challenges of the future (Smith and Konsynski 2003).

Informal information management. Finally, organizations have a significantunmined resource in the informal information kept by knowledge workers in theirown personal files. Information-delivery mechanisms of the future will look foropportunities to organize and leverage this information in a variety of ways. Forexample, software exists today that “crawls” people’s address books to find whoin an organization knows people whom others in the organization want or needto contact. Other types of software analyze personal files to compile an expertiseprofile of individual employees. The field of informal information management isstill in its infancy, but it is certainly one to which IT managers should pay attentionbecause it represents a huge, untapped pool of information.

Thanks,

Rama

Bottom of Form

Bottom of Form

Bottom of Form

Bottom of Form