Enterprise Risk Management free essay sample

Some risks may be unavoidable; however, a productive and efficient ERM system will help reduce specific risks that could negatively strike an organizations future. Harb identifies a program composed of seven elements that managers can benefit from consulting prior to making any new business decisions. These seven key elements include; management commitment, communication and consultation, policies and procedures, training and education, efficient and effective, framework, risk management is applied in practice, and ongoing monitoring and review. First, Quick Takes decision to implement a new editing system is an organizational decision that encompasses high responsibility. The manager at Quick Takes needs to fully understand the advantages and disadvantages of implementing this new editing system from Non linear pro. Quick Takes management should be willing to put in the time and effort to research the new editing system because of the absolute need for commitment to the system from the initial period throughout the duration of its intended use. We will write a custom essay sample on Enterprise Risk Management or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Last, upper management should be confident with their decision tom implement a new editing system because the confidence will translate down through the organization by communication and training. Consulting internal and external audits in relation to Non Linear Pro’s editing system will assist Quick Takes in determining what encompasses this particular editing system to help prevent intentional misrepresentation. Upper management is responsible for making many decisions, and is absorbed in different parts of an organization; the need to seek internal and external audits who serve as experts in the related field may be a wise decision. Quick Takes must be able to identify what they are looking for in the new editing system, why they are leaning toward Non Linear Pro to fulfill their needs and how Non Linear Pro’s editing system will help achieve their wants, needs, and goals. As the product liability video reveals, some employees at Quick Takes were aware of a different editing system available named A-line. The employees also communicated that A-line would be a better editing system based upon their knowledge and what Quick Takes was intending on achieving. Management; however, sought out an editing system that focused on low-cost and chose not to consult their employees’ ideas and opinions’ in relation to other systems that could have served Quick Takes more effectively. Communication is a vital part of any organization and more specifically on-going communication throughout an organization will help preserve vitality, trust, and continued growth for Quick takes. Training and educating managers and employees on risk management helps the longevity of a business. Risk management training will help Quick Takes staff learn how to measure the risks involved in their business and refrain from potential downfalls. In addition, conducting risks assessments would efficiently manage profitability, identify how it could affect the company, and implement strategies that would reduce risks Quick Takes may encounter. Furthermore, it is important to identify specific roles and responsibilities in risk management along with communicating results of risks with key staff, which can help develop policies and procedures for future risk situations. Clear and concise policies and procedures need to be set in place for Quick Takes to follow and use as a resource when appropriate. These policies incorporate risk managements plan, policy, and strategy. An identification of risks is recognized along with the plan Quick Takes will use to define specific risks, approach these risks, control, and minimize the associated risks. The importance of aligning these policies and procedures to the organizations auditing system is imperative so that related risks may be accounted for and an action plan will be set in place to alleviate these risks. The proper implementation of effective procedures will help Quick Takes determine the correct and intended use, benefits, and risks related to Non Linear Pro’s editing system. A well defined ERM framework, the application of the concepts provided in the framework and the ongoing monitoring and review of the ERM process work together to form a cohesive development plan that will benefit Quick Takes. Responsibilities and roles are allocated to ensure tasks are fulfilled in a timely manner and to help enforce accountability throughout the organization. Periodically introducing workshops or other training modules will help ensure risk get properly evaluated and monitored. Implementing an ongoing risk assessment will aid to identify, prioritizing, and preparing for unforeseen situations. The consistent focus on individual assessments and organizational improvements are the key elements that will work together to maintain a successful Enterprise Risk Management process.