Enterprise Risk Management
We will describe the various approaches in both the public and private sector and how it impacts decision making.We will review factors that should be considered when managing risks, including leadership, staffing, organizational discipline, transparency, and strategic focus.
Describe and distinguish impact of enterprise management on the decision-making process;
Explain enterprise risk management and how it impacts individual and group decisions;
Describe differences in approaches to enterprise risk management in the public and private sector; and
Address factors that impact enterprise management and enterprise risk management, including leadership, staffing, organizational discipline, transparency, and strategic focus.
Readings not linked below are available in the electronic reserves (eReserves). Access eReserves (ARES) on the left navigation bar of your screen. The electronic reserve readings are only available during this semester.
Enterprise risk management: A global focus on standardization
James J. Kline, Greg Hutchins
Your organization is looking to restructure to invest heavily in a data driven process in identifying and selecting projects to prioritize. You have a robust enterprise risk management program. What initial steps do you take in the development of your program? How would you assess the risk associated with the decision to pursue this new course of action? Identify at least two major risks associated with this decision. How would you assess the risk as part of an overall risk register for your organization? What steps do you take to begin identifying which risks to address? How do you decide whether to accept the risk and not work to mitigate it? What are the levels of inherent, current, and residual risks associated with various course of action? Would it matter if you were a private or public organization? What factors would you need to consider associated with each?