Enterprise Risk Management.
Enterprise Risk Management.
Corporate Risk Management is turning into an essential sector for business, specifically in the current dynamic and rising surroundings. Indeed, risk management is necessary and critical for firms to preserve shareholder’s interests just as the rest of the stakeholders within a firm. In previous years, the method of managing risk shifted to a holistic approach from a silo one. The new approach is called enterprise risk management. The Silo technique limited coordination between multiple departments, leading to inefficiencies in sharing the expenses of risk managing. Thus, ERM rose to enhance the traditional method of risk managing by coordinating the exposure of all risks within an organization to risk appetite and corporate strategies. With regards to Lam, in Jordan effective risk management, there is a need for businesses to handle all underlying risks along with the interrelationships among the risks, Abdullah et al,,(2017).
The emergence and other popularity of ERM have risen from a response in rapid changes because of globalization and regulatory pressure on the organization in managing risk holistically. Its necessity has dramatically increased with the recent year because of multiple fraud cases, elevating the hardness of troubles along with pressure from the bodies of regulatory. The COSO posits that firms will continue facing future uncertainty that is full. Such uncertainty can either be positive and negative, affecting the critical goals of organizations. ERM will be necessary for managing success in such times. With regards to COSO, ERM refers to the process influenced by boards of management, directors along with other personnel, used in strategy setting along throughout the enterprise, build for identifying likely events that can affect entity and handle risks within risk appetite, for providing reasonable assurance with regards to achieving the goals of the organization. The main purpose of implementing ERM is to enhance business value by supporting senior management and risk manager to ensure identification, management, and monitoring of the company’s portfolio of risks (Shad et al,,(2019).
Shad, M. 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.
Abdullah, M. H. S. B., Janor, H., Hamid, M. A., & Yatim, P. (2017). The effect of enterprise risk management on firm value: Evidence from Malaysian technology firms. Jurnal Pengurusan (UKM Journal of Management), 49.
I read the work and I totally agree with the information in the paper. I like the way you bring out traditional risk management as silo and went further to show the difference between it and the enterprise risk management. This is quite an improvement. Is that all that traditional risk management had to offer? I would like and appreciated if you expanded the knowledge of the old concept on risk management. I agree with risk needing immediate actions and this can impose more expenses that the silo could not accommodate effectively. It is true that departments are better off with the new concept.
I read the assignment and found it encouraging. The information can be a step for better success within an organization. I agree to how you defined the term enterprise risk management. I like the way you argued out the difference between the silo and enterprise risk management technique. It is true that uncertainties tend to rise when the business neglects the right way of managing risk, as enterprise risk management is more effective and efficient. What are the other objectives of implementing enterprise risk management? Kindly, get to know more about the new strategy and keep up the good work.
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