Managing Risk

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  • Topic: Enterprise risk management, Risk, Management
  • Pages : 4 (1336 words )
  • Download(s) : 239
  • Published : April 23, 2013
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This analysis is to submit a proposal that the CFO and I can work on together to evolve into a policy that assists each Risk Management department. In this proposal we will develop a system to evaluate enterprise and financial risk. However, Due to the fact that there are two models that are inconsistent we will have to figure out ways to work together to get on the same page to reduce confusion and getting the job done. In this proposal I will illustrate how to use the ERM Framework to address risk, will discuss how to support the Insurance Marketing Process. Also I will discuss how to evaluate "Risk Bearing" and "Risk Sharing" activities, and how to assist in implementing a Workers' Compensation program that is fair and equitable.

Developing a process to identify organizational risks will assist management in determining what risks can impact strategy and the achievement of organizational goals. Some of the same methodologies used to identify risks in conventional risk management programs can be deployed in an ERM program and include both formal and informal methods. (Youngberg, 2011). A successful enterprise risk management (ERM) initiative can affect the likelihood and consequences of risks materializing, as well as deliver benefits related to better informed strategic decisions, successful delivery of change and increased operational efficiency. To use the ERM Framework to address risk, I will follow the 5 steps that organization uses to develop and implementing the ERM programs. Which is Identify and engage an executive-level champion, for any organization there should be someone in charge to make decision about certain policies or project. This will reduce migration and everyone will be in the same page. Second is to select a steering committee and working task force. “The benefit of the steering committee is to develop a timeline for program...