Firstly, what is ERM? Concepts related to it are embedded.© BrainMass Inc. brainmass.com December 20, 2018, 6:00 am ad1c9bdddf
In order to survive the very competitive business as well as non-business environment/scenario, an organization whether profit-driven, a non-profit or charity, or a governmental entity must adopt a system that would enable it to manage both threats and opportunities coming along its way (Germond, 2009). There comes the ERM. Firstly, what is ERM? ERM is an acronym for Enterprise Risk management whose goal is to strategically manage "all of an organization's key business risks and opportunities to better maximize shareholder value" (Germond, 2009).
In an organization, it couldn't be denied that at times, problems as threats come in the most unexpected moments. These threats may range from internal sources such as a stealing employee to eternal sources like bad weather conditions. Unfortunately, these threats could and would in one way or another interfere or cut off organizational operations which at times inevitably lead to great losses. And just as opportunities, threats must be "proactively recognized and managed" (Germond, 2009) so as not to create or minimize the havoc
So the question now is how or why ERM in terms of enterprise management, integrating strategic planning, operations ...
ERM in terms of enterprise management is explored.