Enhanced Enterprise Risk Management

Businesses must understand and manage external and internal risks to succeed in a global economy. Adding PESTEL, Porter's 5 forces, treatment plans, scorecards, 3LoD components, and process improvements to an ERM program increases its success rate. A comprehensive strategy is outlined to design and implement a robust and successful ERM program.

Format: Paperback / softback
Length: 306 pages
Publication date: 22 November 2022
Publisher: Business Expert Press

Understanding and managing the risks that a business faces in a global economy is crucial for its performance and survival. It is essential to identify and prioritize significant risks and detect the weakest points within the organization. Enhancing an essential ERM program with additional elements such as PESTEL, Porter's 5 forces, treatment plans, scorecards, the three lines of defense (3LoD) components, and process improvements (such as Six Sigma and 8D) can significantly increase the success rate of ERM.

The authors provide a comprehensive strategy for designing and implementing a robust and successful ERM program. This program not only ensures successful implementation but also yields enormous returns for the organizations that adopt it. By incorporating these additional elements into an ERM program, businesses can better prepare themselves for the challenges and opportunities in a global marketplace.

The authors emphasize the importance of a risk-based approach to ERM, where risks are assessed and prioritized based on their potential impact on the organization. This approach helps businesses identify and address the most critical risks before they become significant problems.

Furthermore, the authors highlight the significance of continuous improvement in ERM. They suggest that organizations should regularly review and update their ERM programs to ensure that they remain effective in the face of changing business conditions and emerging risks. This requires a commitment to ongoing learning and development within the organization.

In conclusion, understanding and managing the risks that a business faces in a global economy is essential for its performance and survival. Enhancing an essential ERM program with additional elements such as PESTEL, Porter's 5 forces, treatment plans, scorecards, the three lines of defense (3LoD) components, and process improvements can significantly increase the success rate of ERM. By adopting a risk-based approach and continuous improvement, businesses can better prepare themselves for the challenges and opportunities in a global marketplace.

Weight: 452g
Dimension: 151 x 230 x 21 (mm)
ISBN-13: 9781637423981