Risk management is one of the most important components in empowering an organization to achieve its ultimate vision. With proper risk management culture and knowledge, team members will be “speaking” the same language, and they will leverage common analytical abilities to identify and mitigate potential risks as well as exploit opportunities in a timely fashion. In order to consolidate efforts, the existence of an integrated framework is crucial. This is why an ERM is necessary to the fulfillment of any organization's goals and objectives. Write a 7-10 page paper discussing the following concepts:
Introduction - What is an ERM?
Why Should an Organization Implement an ERM Application?
What are some Key Challenges and Solutions to Implementing an ERM?
What is Important for an Effective ERM?
Discuss at least one real organization that has been effective with implementing an ERM framework/application.
Conclusion – Final thoughts/future research/recommendation