Write a 1,050- to 1,400-word paper about enterprise risk management (ERM) in which you:
- Explain the difference between traditional and enterprise risk management.
- Explain why enterprise risk management is a more effective approach for today’s organizations.
- Explain key drivers of value-driven enterprise risk management.
- Explain how these key drivers are applied within health care to drive enterprise risk management. Provide examples.
Cite at least 3 outside sources.
Answer preview
One of the benefits of using ERM is that it allows an organization to assess the risks they face and determine how they might impede the attainment of its goals (Hampshire, 2012). Doing this enables the company to identify strategic and operational risks, which plays a crucial role in determining how successful and competitive the company will be in the corporate world. ERMs are effective mechanisms to use when deciding the types of risks an organization should take and those they should not. This opens up a wide range of opportunities for a company. Embracing enterprise risk management accords organizations with a chance to have a consistent view of and approach to handing the risks they face.
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