Risk Management 7 Step Process - 1280 Words

Enterprise Risk Management is defined as â€Å"the process of identifying and analyzing risk from an integrated, company-wide perspective. It is a structured and disciplined approach in aligning strategy, processes, people, technology and knowledge with a purpose of evaluating and managing the uncertainties the enterprise faces as it creates value† (Woon, Azizan, Samad, 2011, p. 23). Had Non-Linear Pro utilized Enterprise Risk Management, the company would have been able to reduce their liability exposure. Quick Takes Video is in the position of having a legitimate claim against Non-Linear Pro for breach of warranty. The salesman informed Hal that his employees would be able to operate the software in one to two days. After two weeks of†¦show more content†¦The key elements of ERM are the policy itself, the strategy, and the plan (Harb, 2008). If Non-Linear Pro had embraced and implemented a successful ERM plan, many of these negative consequences could have been avoided. Effective and Efficient Framework Harb suggests that firms have a well documented ERM policy and plan (2008). Had Non-Linear Pro had such a policy and plan in place, they would have been able to anticipate many of the problems Quick Takes Video is encountering with the editing software and addressed these difficulties before they became full size problems. A well laid ERM plan would have involved on-site set up and training for Quick Takes Video’s staff, along with follow up to ensure everything was working smoothly and as expected. Risk Management is Applied in Practice Non-Linear Pro needs to not only assess their possible risks, but also apply this assessment in practice. The salesman is directly responsible for over promising and under delivering on this editing software, therefore creating a possible breach of warranty. It is more likely that he is a poor salesman, as opposed to having acted with negligence or malicious intent, so any attempt to hold him personally responsible would likely fail. But as he was acting in the course of his employ with Non-Linear Pro, and was Quick Takes Video’s direct contact person with the company, the errors of the salesman belong to Non-LinearShow MoreRelatedProj 420 Coursework Guide Week 1 - 7696 Words   |  3 PagesWeek 1 - 7 Purchase here http://devrycourse.com/proj-420-coursework-guide-week-1-7 Product Description (PROJ 420 Project Risk Management) PROJ 420 Week 1 Course Project Assignment; Project Topic Proposal and Outline PROJ 420 Week 1 Discussion 1 Why Should We Practice Risk Management PROJ 420 Week 1 Discussion 2 The ATOM Risk Management Process PROJ 420 Week 2 Course Project Assignment; Project Sizing and Stakeholder Analysis PROJ 420 Week 2 Discussion 1 The Initiation Step PROJ 420Read MoreErm 7-Step Process1432 Words   |  6 PagesERM 7-Step Process ERM 7-Step Process According to Harb, Enterprise Risk Management is people, systems and processes working together across the organizations to systematically think about and manage a wide range of risks that could impede achieving organizational objectives/opportunities. 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