Based on the annotated biography you completed for your Mid-Term Paper on implementing Enterprise Risk Management (ERM), write a research paper on how ERM is leveraged to minimize risk and create oppo

Implementing Enterprise Risk Management

Saichandar Rao Akula

University of the Cumberlands

Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

The article fundamentals of risk management are aimed at instilling into people the knowledge of

risk management in enterprises. It provides a comprehensive description of the concept of risk

management. It has the strengths of doing an analysis of the three different fields. These are

commerce, economics, and social sciences. It is, therefore, a document that is beneficial to

operands in these sectors. However, this article limits its scope of coverage to the three fields only.

It leaves out other sectors out of the picture. Sectors health need to consider in this study.

Lundqvist, S. A. (2015). Why firms implement risk governance–Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441-466.

The article by Lundqvist explains why risk governance is important for enterprises. It is a journal whose focus is giving new risk management methods. It therefore integrates new practices in the management arena. Findings in the article are sourced from a survey carried on the same. The information provides is therefore from certified empirical studies whose integrity is proved.

Olson, D. L., & Wu, D. D. (2015). Enterprise risk management (Vol. 3). World Scientific Publishing Company.

This is the second edition of its series and has got a few reviews. The is on general risk management for enterprises. It gives the scope of risk identifiable in various enterprises. In addition, it provides four fundamentals of risk management which ideal for enterprise management. Generally, is a good source of information for research done in this field.

The above-named drawback of the article does not outweigh the importance of the article in providing the fundamentals principles in risk management.

Zhao, X., Hwang, B. G., Pheng Low, S., & Wu, P. (2014). Reducing hindrances to enterprise risk management implementation in construction firms. Journal of Construction Engineering and Management, 141(3), 04014083.

This article is based on how to reduce the risks that are involved in the implementation of the ERM in various companies. The article uses an example of Chinese Construction Firms (CCFs). It identifies the various risks involved in the process. In addition to the identification of the risks, it gives guidelines on how to handle such risks. This article is therefore very helpful to individuals who are seeking to solve the same problem. This is because the risk identified and solutions are identified via quantitative research methods. The article does not indicate weakness finding the solution to the risk and is, therefore, an ideal one to be used for such purposes.

References

Hopkin, P. (2018). Fundamentals of risk management: understanding, evaluating and implementing effective risk management. Kogan Page Publishers.

Lundqvist, S. A. (2015). Why firms implement risk governance–Stepping beyond traditional risk management to enterprise risk management. Journal of Accounting and Public Policy, 34(5), 441-466.

Olson, D. L., & Wu, D. D. (2015). Enterprise risk management (Vol. 3). World Scientific Publishing Company.

Zhao, X., Hwang, B. G., Pheng Low, S., & Wu, P. (2014). Reducing hindrances to enterprise

risk management implementation in construction firms. Journal of Construction

Engineering and Management, 141(3), 04014083