How to implement an ERM application: The challenges and solutions
It is difficult to implement an Enterprise Risk Management Application (ERM). There are many difficult tasks involved in implementing an Enterprise Risk Management (ERM) application. These include navigating stakeholder requirements and managing time, costs, and resources. Van Zyl (2015) identifies several challenges that could arise, including data integration and collaboration among multiple teams. Data Integration: This is a significant problem in ERM implementation. As a result, it is important to manage multiple data sets across different departments. This problem can be solved by creating a plan to consolidate, integrate and standardize data. It should contain a mix of standardizing processes, mapping out data, and integrating them (Tufano 2019, 2019). Implementing ERM applications requires stakeholders to be onboard and meet their requirements. Clear communication and thoughtful engagement are required in order to achieve this. Solutions to this challenge involve consulting stakeholders, engaging in pilot programs and regular check-ins to ensure they remain informed and aligning risk management practices with the organization’s objectives (Cheung, 2017). Management of time, costs, and resources: Another challenge in ERM implementation can be managing cost, time, and resource. The solution to this problem is to identify tasks and prioritize them according to their impact. Engage stakeholders in the process and use an iterative approach that aligns with both business and technical needs (Eggar 2020). Although the process of implementing an ERM program can seem daunting, there are solutions such as data integration and addressing stakeholder needs. Also, it is possible to manage time, costs, and resources. References Cheung, D. (2017). BusinessQuicksilver – How to Master Risk Management https://businessquicksilver.com/risk/how-to-master-risk-stakeholder-management/ Eggar, C. (2020). What are the Challenges and How-to’s of Implementing an ERM? EcoSys. https://ecosys.com/implementing-an-erm-application/ Tufano, P. (2019). How Enterprises Can Make ERM Real. Emerj. https://emerj.com/ai-in-business/erm-implementation/ van Zyl, S. (2015). Here are 5 top benefits of implementing an ERM program. Convergepoint. https://convergepoint.com/blog/the-top-five-benefits-of-implementing-an-erm-program/Cont…
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