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SafeAssign Originality Report Summer 2021 - Enterprise Risk Management (ITS-835-B04) - Second … • ITS835 Final Project

%40Total Score: Medium risk Suresh Palleboina

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Enterprise Risk Management (ITS-835-B04) Week-7 Final Project Suresh Palleboina

University of the Cumberland’s

Aug 12, 2021

Risk Management

Introduction

Enterprise risk management basically is defined as the process which involves organizing, planning, controlling as well as leading the organizational activities so as to reduce the impacts associated with risks in relation to the earnings as well as capital of an organization. The risk management of an enterprise mainly involves stra- tegic, operational and financial risks as well as risks that are linked to accidental losses. It is also considered to be a methodology that tends to observe at the manage- ment of risks in a strategic manner from the perspective of the whole institution or the firm. It is an approach that is top-down with an objective of assessing, prepar- ing and identifying the possible losses, hazards, dangers in addition to other probable causes for harm capable of interfering with the operations of an organization in

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addition to their objectives which leads to losses (Anderson, 2017) ERM takes an approach that is holistic which calls for decision making that is at the management level that may not essentially be sensible for a personal segment or enterprise unit. Therefore, rather than every enterprise unit becoming accountable for its own management of risk, surveillance of a whole firm is provided precedence. In terms that are simple, an enterprise risk management basically is known as a means

of managing effectively every risk across the institution via the utilization of a popular framework of managing risks. This particular framework is capable of greatly varying in between different companies, however, it practically involves individuals, tools in addition to rules. This basically indicates that organizations having re- sponsibilities that are established, processes that are repeatable as well as the appropriate technology level to have the risks mitigated. Reasons for ERM application implementation in an organization

ERM basically is known to be very important mainly due to the fact that its own success becomes a determinant of the life as well as health of the given business en- terprise. In most occasions, organizations find that the programs of an ERM end up providing a combination of quantitative as well as qualitative benefits. There

are various benefits as to why an ERM application can be implemented in an institution. They include; ERM helps in the creation of a culture that is greatly focused on risk for the institution. The companies that have an ERM adopted recognize that the advancing risk focus at the senior levels leads to additional risk discussion at every other level. The cultural shift that is achieved enables the risk to be out into account more openly in addition to it breaking down the silos in relation to the man- ner in which risks are managed. While discussion on risks end up becoming a standard section of the general strategic processes of an enterprise, the operational units mostly recognize that handling risks within a manner that is more formal helps in managing their organization as well. With an ERM, discussion in addition to communication of risk gets classified as a procedure for providing information to the senior management, as well as a means for sharing risk across plus in the organ- izational operations. It also enables advanced insights in addition to making of decisions that are related to risks in every level (Anton and Nucu, 2020). Second benefit is that it helps in standardizing risk reporting. This is because it supports advanced reporting, structure alongside risks analysis. The reports that are standard-

ized meant to monitor enterprise risks is capable of enhancing the executives as well as directors focus through offering information that helps in making risk mitiga- tion decisions that are advanced. The different types of data which involves strategies of mitigation, status of major indicators of risk, emerging as well as new risks help the leaders in understanding the risk areas that are most essential. These reports are also capable of helping the leaders in developing an understanding that is better in relation to risk thresholds, risk tolerances in addition to risks appetite. Among the key values of having a risk reporting of ERM implemented us advanced, conciseness, flexibility in addition to conciseness of the data on the risk. This mainly offers the information that is required for advanced capabilities for making de- cisions within the director plus the executives levels in addition to different management levels. A risk management helps the management in identifying as well

as unlocking synergies through sharing and aggregating every corporate risk factors and data in addition to evaluating then within a format that is consolidated. Third benefit linked to an ERM in an institution is improved focus in addition to perspectives on risks. This is because it helps in the development of leading indicators

which are essential in detecting possible risk occurrence as well as offer warning early in advance.

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The major measurements and metrics of risks end up improving the reporting value plus analysis. It also provides that potential to monitor probable changes within risk probabilities or weaknesses, which alerts the institutions to make changes within their risk profile (Bohnert, et.al, 2019). Additionally, it enables having a risk per- ception that is more complete. The risk traditional practices have their focus on acceptance, avoidance or mitigation. Nevertheless, an ERM that is effective

provides the management with a framework for risk evaluation as an opportunity to enhance positions that are competitive plus exploit particular market alongside conditions that are operational. Fourth benefit is the efficient utilization of resources. Within institutions that do not have an ERM, most individuals may get involved in the management and risk reporting all over operational units. Though the development of an ERM program is not capable of replacing the essence of daily

management of risk, it is capable of improving the tools as well as framework utilized in performing the crucial functions of risk management within a manner that is consistent. The elimination of processes that are redundant enhances efficiency through allocating the appropriate amount of resources into the mitigation of risk. Fifth benefit is that ERM offers organizations with effective coordination of compliance in addition to regulatory matters. The agencies of bonding rating, auditors of financial statement as well as regulatory examiners have started to make inquiries regarding test plus utilize reporting and monitoring data from the programs of an ERM. Since the data of an ERM comprises of identifying plus monitoring the controls alongside the mitigation efforts all over an institution, this data is capable of

helping in minimizing the cost as well as effort of these reviews and audits (Jonek-Kowalska, 2019). Through these general benefits an enterprise of managing is cap- able of enabling a cost management that is advanced in addition to risk visibility that is in relation to operational activities. In addition, it enables advanced man-

agement of economic, competitive and market conditions, in addition, it enhances leverage plus consolidation of management functions of disparate risk. Chal-

lenges in addition to solutions for ERM implementation

Through analyzing the popular challenges of ERM, management would be in a better position to develop as well as revamp their own programs of enterprise risk management. The available challenges and solutions are: risk consistency – risk might end up varying from one vendor to another, from one department to another. What is considered to be a risk by a particular vendor might consider to be a management risk, it might not be an IT department risk. Among the major challenges will be the maintenance of consistency in addition to risk terminologies that are popularly applicable. The most suitable solution would be making sure that every risk is consistent in addition to it being backed up by the appropriate instructions together with the guidance laws that are elaborated plus regulations defining risks get to be backed up by the known regulatory directions. A second challenge is the quantitative as well as qualitative metrics since their come as a challenge whenever it is in relation to evaluating the management of enterprise risk. Methods that are qualitative end up generalizing risk indicators rather than specifying the risk scores which makes them less preferable. On the other hand, the methods that are quantitative help in having the risks quantified according to the highest priority so as to focus on the possibility of attaining the set goals and general expenses. Therefore, this is a risk assessing method that is greatly preferable (McShane, 2018). Third challenge is the management of risk across a department. The ERM is capable of helping individuals in the evaluation as well as identification of an organizations’ risks, how- ever, it cannot be said to be limited to it. The software of risk management enables firms to visualize and report the manner, the place and the type of risk that is to be shared amidst the regulators, management, auditors plus the directors board. Through the assistance of an ERM software, these are things that cannot be manu- ally done, however, everything is conducted via a system that is automated. A fourth challenge is the risk reporting. This challenge mainly occurs during the process of reporting two types of risks. They include the type of data to be shared with external and internal management or the vendors as well as how the information so to be communicated. The handling of external risks tend not to be complex as external management is only restricted to sharing only specific information. Important for an ERM that is effective

An effective enterprise risk management is one that offers the management with a particular system of control, discipline and oversight which affects operations, strategic direction, reporting as well as compliance making use of eight interdependent and dynamic components.

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A software that is effective is supposed to offer management in addition to end-users with the data is required into understanding risk, making decisions that are data driven in addition to reducing the impact that is negative. The software is supposed to enable the risk owners to submit the risk evaluations effortlessly and sharing of

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data all over the whole business in addition to aligning to risk management principles that are accepted globally and frameworks inclusive of Basel, ISO 31000 plus COSO ERM (Nasr, et.al, 2019). Additionally, an ERM technology is supposed to enable the users to produce board-ready reports that are meaningful, acquire accessib- ility to actual time dashboards, have a risk culture promoted via collaboration plus enabling an automation that is powerful. It is all supposed to manage as well as monitor risks a over an organization. It is supposed to streamline the risk evaluations with workflows as well as notifications that are automated. Should be stated no- tifications that are real-time to the risk managers plus the owners whenever there is a breach of a KRI. Effective ERM are responsible for activating plans for mitigation whenever an issue is identified. They are also meant to offer data that is trending to help in ascertaining future sectors of possible risks. An actual organization that has implemented ERM

A real company that has incorporated an ERM is the Johnson & Johnson. This organization has factored in the internal as well as external metrics in addition to it basing the risks as per varying classifications; Operational, financial plus reporting, compliance and strategic as well. In terms of strategic risks the company aim at minimizing the risks depending on reforms of health care, competition, trade secrets in addition to negative public trust and others. When it comes to Operational risks it has its focus on minimizing risks that are related to inefficient usage of resources, continuity of business alongside the relationship in between supplier and the consumers. In compliance they focus on the risks that arise depending on changes within the legal policies as well as regulations. Johnson & Johnson is mainly fo- cusing on minimizing the risks that pertain to product quality and health safety among others. In terms of financial and reporting risks, the organization has its focus on reducing the risks that arise as a result of credit risks and tax policies in addition to others (Shad, et.al, 2019) Conclusion

An enterprise risk management is of great importance within an institution due to its significance in the reduction of risks within any given unit plus identification of an appropriate ERM framework is crucial to having an accurate implementation. It is considered to be a means that is used in helping institutions shift their concen- tration from response to crisis in addition to compliance into risks evaluation within enterprise strategies proactively to have the investment decision making en- hanced and maximizing the value of a stakeholder. In addition ERM is one that is said to be a business paradigm that is embraced extensively into the accomplish- ment of a risk oversight that is more effective.

References

Anderson, D. (2017). COSO ERM: Getting risk management right: Strategy and organizational performance are the heart of the updated framework. Internal Auditor, 74(5), 38-43. https://go.gale.com/ps/i.do?id=GALE%7CA512185049&sid=googleScholar&v=2.1&it=r&linkaccess=abs&issn=00205745&p=AONE&sw=w Anton, S. G.,

& Nucu, A. E. A. (2020). Enterprise risk management: A literature review and agenda for future research. Journal of Risk and Financial Management, 13(11),

281. https://www.mdpi.com/890110 Bohnert, A., Gatzert, N., Hoyt, R. E., & Lechner, P. (2019). The drivers and value of enterprise risk management: evid-

ence from ERM ratings. The European Journal of Finance, 25(3), 234-255. https://www.tandfonline.com/doi/abs/10.1080/1351847X.2018.1514314 Jonek-Kowal-

ska, I. (2019). Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-

European companies listed on the Warsaw Stock Exchange. Resources policy, 62, 405-415.

https://www.sciencedirect.com/science/article/pii/S0301420718306020 McShane, M. (2018). Enterprise risk management: history and a design science proposal.

The Journal of Risk Finance. https://www.emerald.com/insight/content/doi/10.1108/JRF-03-2017-0048/full/html Nasr, A. K., Alaei, S., Bakhshi, F., Rasoulyan,

F., Tayaran, H., & Farahi, M. (2019). How enterprise risk management (erm) can affect on short-term and long-term firm performance: evidence from the Iranian

banking system. Entrepreneurship and Sustainability Issues, 7(2), 1387. https://www.researchgate.net/profile/Arash-

Khalilinasr/publication/340540100_How_enterprise_risk_management_erm_can_affect_on_short-term_and_long- term_firm_performance_evidence_from_the_Iranian_banking_system/links/5e8f9a144585150839ceac2b/How-enterprise-risk-management-erm-can-affect-on-short- term-and-long-term-firm-performance-evidence-from-the-Iranian-banking-system.pdf Shad, M.

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K., Lai, F. W., Fatt, C. L., Klemeš, J. J., & Bokhari, A. (2019). Integrating sustainability reporting into enterprise risk management and its relationship

with business performance: A conceptual framework. Journal of Cleaner production, 208, 415-425.

https://www.sciencedirect.com/science/article/pii/S0959652618331366

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University of the Cumberland’s

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University of Cumberland’s

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In terms that are simple, an enterprise risk management basically is known as a means of managing effectively every risk across the institution via the utilization of a popular framework of managing risks.

Original source

Simply put, ERM can e defined as a means of effectively managing risks all over an institu- tion via utilization of a popular framework of risk management

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In most occasions, organizations find that the programs of an ERM end up providing a combination of quantitative as well as qualitative benefits.

Original source

Institutions in most occasions are aware that the ERM program offers a combination of benefits that are quantitative as well as qualitative

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Student paper

The reports that are standardized meant to monitor enterprise risks is capable of enhan- cing the executives as well as directors focus through offering information that helps in making risk mitigation decisions that are advanced.

Original source

Reports that are standardized monitoring the enterprise risks are capable of enhancing the directors as well as executives focus through providing information that allows appro- priate decisions for mitigating risks

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A risk management helps the management in identifying as well as unlocking synergies through sharing and aggregating every corporate risk factors and data in addition to eval- uating then within a format that is consolidated.

Original source

ERM enables the management identify plus unlock synergies through sharing and ag- gregating every corporate risk factors as well as data as well as assessing them within a format that is consolidated (Sax and Andersen, 2019)

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This is because it helps in the development of leading indicators which are essential in de- tecting possible risk occurrence as well as offer warning early in advance.

Original source

This is because it formulates leading indicators that assists in detecting a possible risk oc- currence hence offering a warning early enough

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The risk traditional practices have their focus on acceptance, avoidance or mitigation.

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It also ensures that the traditional practices of risks focus more on the avoidance, mitiga- tion and acceptance perspective

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Nevertheless, an ERM that is effective provides the management with a framework for risk evaluation as an opportunity to enhance positions that are competitive plus exploit particular market alongside conditions that are operational.

Original source

ERM practices that are effective provides management with a framework for risk evalu- ation as a chance to enhance positions that are competitive plus exploit various market in addition to conditions that are operational

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Though the development of an ERM program is not capable of replacing the essence of daily management of risk, it is capable of improving the tools as well as framework util- ized in performing the crucial functions of risk management within a manner that is con- sistent. The elimination of processes that are redundant enhances efficiency through al- locating the appropriate amount of resources into the mitigation of risk.

Original source

Fourth benefit is that ERM enables efficient resources utilization as it improves the tools plus framework utilized in performing the crucial functions of risk management within a manner that is consistent The elimination of processes that are redundant enhances effi- ciency through allocation of the accurate resources in mitigation of risk (Cameron, 2017)

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Since the data of an ERM comprises of identifying plus monitoring the controls alongside the mitigation efforts all over an institution, this data is capable of helping in minimizing the cost as well as effort of these reviews and audits (Jonek-Kowalska, 2019).

Original source

This is because ERM data comprises identification as well as keeping track of controls plus efforts of mitigation all over the company, the information may help in minimizing the expenses plus effort of these reviews plus audits

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In addition, it enables advanced management of economic, competitive and market con- ditions, in addition, it enhances leverage plus consolidation of management functions of disparate risk.

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It makes it possible for advanced management of competitive, economic and market con- ditions alongside increasing consolidation as well as leverage of management functions of disparate risks

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Challenges in addition to solutions for ERM implementation

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Solutions of the key challenges of ERM implementation (Source

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G., & Nucu, A.

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G., & Nucu, A

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Enterprise risk management:

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Enterprise risk management

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A literature review and agenda for future research. Journal of Risk and Financial Manage- ment, 13(11), 281.

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A literature review and agenda for future research Journal of Risk and Financial Manage- ment, 13(11), 281

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Student paper

https://www.mdpi.com/890110 Bohnert, A., Gatzert, N., Hoyt, R. E., & Lechner, P.

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Bohnert, A., Gatzert, N., Hoyt, R E., & Lechner, P

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The drivers and value of enterprise risk management: evidence from ERM ratings.

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The drivers and value of enterprise risk management Evidence from ERM ratings

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The European Journal of Finance, 25(3), 234-255.

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The European Journal of Finance, 25(3), 234-255

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Student paper

Efficiency of Enterprise Risk Management (ERM) systems. Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange.

Original source

Efficiency of Enterprise Risk Management (ERM) systems Comparative analysis in the fuel sector and energy sector on the basis of Central-European companies listed on the Warsaw Stock Exchange

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Resources policy, 62, 405-415.

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Resources policy, 62, 405-415

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https://www.sciencedirect.com/science/article/pii/S0301420718306020 McShane, M.

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https://www.sciencedirect.com/science/article/pii/S0301420718306020

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Enterprise risk management:

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Enterprise risk management

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The Journal of Risk Finance.

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The Journal of Risk Finance

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K., Alaei, S., Bakhshi, F., Rasoulyan, F., Tayaran, H., & Farahi, M.

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K., Alaei, S., Bakhshi, F., Rasoulyan, F., Tayaran, H., & Farahi, M

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How enterprise risk management (erm) can affect on short-term and long-term firm per- formance: evidence from the Iranian banking system.

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How enterprise risk management (ERM) can affect on short-term and long-term firm per- formance Evidence from the Iranian banking system

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Entrepreneurship and Sustainability Issues, 7(2), 1387.

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Entrepreneurship and Sustainability Issues, 7(2), 1387

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https://www.researchgate.net/profile/Arash- Khalilinasr/publication/340540100_How_enterprise_risk_management_erm_can_affect_on _short-term_and_long- term_firm_performance_evidence_from_the_Iranian_banking_system/links/5e8f9a144585 150839ceac2b/How-enterprise-risk-management-erm-can-affect-on-short-term-and-long- term-firm-performance-evidence-from-the-Iranian-banking-system.pdf Shad, M.

Original source

https://www.researchgate.net/profile/Arash_Khalilinasr/publication/340540100_How_ent erprise_risk_management_erm_can_affect_on_short-term_and_long- term_firm_performance_evidence_from_the_Iranian_banking_system/links/5e8f9a144585 150839ceac2b/How-enterprise-risk-management-erm-can-affect-on-short-term-and-long- term-firm-performance-evidence-from-the-Iranian-banking-system.pdf

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K., Lai, F. W., Fatt, C.

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K., Lai, F W., Fatt, C

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J., & Bokhari, A.

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Integrating sustainability reporting into enterprise risk management and its relationship with business performance: A conceptual framework.

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Integrating sustainability reporting into enterprise risk management and its relationship with business performance A conceptual framework

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Journal of Cleaner production, 208, 415-425.

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Journal of Cleaner production, 208, 415-425

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https://www.sciencedirect.com/science/article/pii/S0959652618331366

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https://www.sciencedirect.com/science/article/pii/S2405676620300056#