As a junior congress person you have been asked to help promote a bill to allow casino gambling in your state. There is much opposition to this bill. Using distributive bargaining, discuss the pros an

Enterprise Risk Management

Student Name: SumaSindhu.Pullela

Instructor Name: Dr.Charles Lively

Institution Name: University Of Cumberlands

Date: 03/01/2019

In my Enterprise Risk Management course I first understood that Enterprise Risk Management delegates to the procedure of drawing up plans, making arrangements, guiding and having power over all actions of a company with the aim of reducing the impacts of risk the company capital and income. However, from the course I learned that Enterprise Risk Management entails functional, financial and overall planning risks together with dangers connected to contingent damages. Recently different companies have employed the use of risk management process to diminish some of the dangers they experience. They have achieved this by first changing the business culture which existed through accomplishing IT compliance requirements to the current one which concentrates on reducing the entire organization risks. For the change to be accomplished, I learned that the state of seeing the general security of the enterprises performs a vital function in creating the modern dialogue.

Additionally, I learned that while approving a new ERM system in an organization, there some useful practices that need to be considered. For example, it is vital to include all members from the management department to play roles in debating about understood risks in order ensure each member is content with the practice. Another practice involves using works, minutes and previous news to identify some dangers and methods to stop and track them.

Nevertheless, to my current job as a tester for the blood gas analyzers who works for SVH software inc, I learned that there are some best practices which I can apply to my area of work. First and foremost, I understood that enterprise risk management functions as a coordinating entity and for people risk management action in organizations and therefore I would use it in my roles of ensuring regular associations with company customers concerning project status. Through this, I would reduce the number of risk within the projects we have. Moreover, by monitoring, and confirming client’s faults, I can apply the enterprise risk management practice to understand which defects need to be eliminated from the organization.

Secondly, the enterprise risk management performs like a technical resource and a warning entity whereby this practice I can apply in my organization to prepare the Test strategies, use it to examine different scenarios and additional test incidences. The practice of ERM giving advices can apply during evaluation of the needs and ensuring coordination with the responsible stakeholders in my organizations. Another practice of enterprise risk management involves creating and managing complete, desegregated risk management strategy. However, as blood gas analyzers who assembles the examinations plans, and as a strong representative of scrum forums-backlog grooming, I would use the function to establishing and develop a whole risk management plan in all processes to avoid getting challenges which may hinder the goals of the organization.

The third practice of enterprise risk management that I learned is that it identifies possible dangers and ranks them. the practice can apply to my area of work because I can use the ERM to identify some negative outcomes of my projects, monitor any risk, and find ways of resolving the dangers before they harm my project. Additionally, the enterprise risk management offers financial management exercises and it apply to my current organization in finding solutions to some of financial technical challenges and control all funds needed in certain projects or while designing some programming features.

Moreover, the knowledge I acquired from the course influenced my enterprise practices positively because it assisted in developing an extensively risk centered culture for the company. Currently, the cultural change permit the negative outcomes to be reflected to a greater degree as open and interrupts silos with consideration of how the dangers are controlled. Additional, it impacts the organization through ensuring a standardized risk reporting is formed which monitors possible dangers. This is important because it assists in enhancing the focus of most leaders since it offers information which can used to reduce the number of risks. The data they produce can be used to identify the areas where the risks source. Through the ERM danger reporting, the organization leaders benefit since they gain data they use for excellent decision making process.

The knowledge acquired from the course also impacted my organization since it led to careful utilization of resources. This happened because after application of enterprise risk management practices, the framework and equipments of do the important risk practices were enhanced and therefore they began functioning in regular mode. Therefore, the process of doing away with the redundant promoted the effectiveness through setting aside the suitable number of resource to reduce the negative outcomes. Lastly, the information I gained from the course influenced my company by ensuring there is operative and serviceable cooperation of regulatory and compliance issues. for example, auditors who deal with financial document and those monitor regulatory they can make investigation on some test and can apply the employ the reporting pieces of information from the enterprise risk management structures because the ERM data entail establishing, overseeing controls and eliminating efforts through enterprises. Therefore, the information apply when eliminating charges of the audits and subsequent inspections. Generally, the enterprise risk management application in my current organization has ensured improved cost management and reduced the risks seen or associated with some operational actions. Additionally, it made our company to be competitive, through excellent management of its market and have better methods of solving risks.

In summary, the course was helpful to me because I learned what enterprise risk management involves, its best practices and how it apply in my area of work. the knowledge I gained I vital to all organization since it enables excellent economic states and ensure eliminates possible risks which might impact in organization functions.

References

Fraser, J. R., Fraser, J., & Simkins, B. (2010). Enterprise Risk Management: Today's Leading Research and Best Practices for Tomorrow's Executives. John Wiley & Sons

Jabbour, M., & Abdel-Kader, M. G. (2013). Enterprise Risk Management and Changes in Organizational Structure and Roles and Responsibilities of Senior Management – A Case Study of a Non-Life Insurance Company. SSRN Electronic Journal. doi:10.2139/ssrn.2312767

Dionne, G. (2013). Risk Management: History, Definition and Critique. [online] Cirrelt.

Available at: https://www.cirrelt.ca/DocumentsTravail/CIRRELT-2013-17.pdf

[Accessed 8 Jan. 2016].

Institute of Internal Auditors. 2001. Risk Management Readings

(http://www.theiia.org/ecm/guide-ia.cfm?doc_id=1604)

Holton, Glyn A. 1996. Enterprise Risk Management. Contingency Analysis.

(http://www.contingencyanalysis.com/_frame/frameerm.htm)