Research Paper:
The reading this week discusses strategy and how ERM can be integrated with an organization’s overall strategy. Prepare a research paper on some of the various issues, protocols, methods, frameworks you found and discuss how – if possible – organizations can use ERM as strategy. It is perfectly acceptable if you deem ERM cannot be used as strategy, just back up your claim with scholarly research and justifications.Your paper should meet these requirements:
- Be approximately four to six pages in length, not including the required cover page and reference page.
- Follow APA 7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion.
- Support your answers with the readings from the course and at least two scholarly journal articles to support your positions, claims, and observations, in addition to your textbook. The UC Library is a great place to find resources.
Answer preview
ERM and strategic planning complement each other and should not be perceived as independent activities. Strategic planning involves developing and refining the organization’s strategy to achieve its long-term objectives and goals. On the other hand, ERM is a discipline that facilitates an organization to assess, control, finance, exploit, and monitor risks from various sources with the aim of increasing the short-term and long-term value of the organization to its stakeholders (Kanu, 2020). The development of a strategic plan results from an organization recognizing that numerous market risks face its current business model. Therefore, strategic planning should incorporate the elements of ERM for the organization to come up with a successful business model that can thrive even in the face of the perceived risks. This indicates that ERM and strategy should be integrated to facilitate an organization to meet its goals successfully.
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