Enterprise Risk Management

Good Essays
In identifying the misrepresentation of Non Linear pros in the product liability video, one can suggest an alternative strategy for Quick Takes. Management at Quick Takes should have considered Harb’s seven ERM steps in the decision of using a new editing program from NonLinear Pro. Harb describes Enterprise Risk Management as People, systems, and processes working together across the organization to think systematically think about and manage a wide range of risks that could impede achieving organizational objectives/opportunity (Harb, 2008, 4-7). 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. 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

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