Why Should an Organization Implement an ERM Application? The Value of Implementing an ERM Application

How ERM Applications Can Be of Use

Enterprise Risk Management (ERM), applications are essential to the efficient running of an organization and their success. ERM helps organizations plan, anticipate and assess potential risks. This allows them to protect their people, assets and operations (Cox 2018). ERM can provide many other benefits, including improved operational effectiveness and decision making as well as enhanced collaboration and communication between departments (Luo, et al.2020).   Implementing an ERM app is necessary to increase organizational effectiveness and success. First, ERM applications will enable an organization identify and mitigate potential risks. This allows for the reduction of interruptions in an organization’s operations (De Angelis and al., 2020). These applications will minimize the risk of costly damage and help prevent any unexpected stops.   Organizations should place good governance and risk management at the top of their priorities. ERM software gives organizations tools that help them recognize, manage and respond better to risk. This helps to make it more capable of achieving its objectives (Andersen and al., 2015). ERM apps are invaluable to organizations. The applications provide many benefits, including improved performance and better management.   References   Andersen, S. T., Minet, C., & Stensland, L. (2015). Enterprise risk management: Benefits and challenges–Evidence from Norwegian public enterprises. Risk management, 17(3), 178–198.  Cox, C. (2018). Evidence from US manufacturing firms: The relationship between enterprise risk management and firm performance. American Journal of Industrial and Business Management, 8(4), 165–176.  De Angelis, S., Tiziana A. S., & Floriana G. (2020). Enterprise Risk Management. International Encyclopedia of the Social & Behavioral Sciences, 2, +550-557.  Luo, Y., Zheng-Hua, T., & Wu, X. (2020). The Theory and Practice of ERM in Emerging Countries: A Study on Its Contribution to National Development. International Journal of Social, Behavioral, Educational, Economic, Business and Industrial Engineering, 14(9), 2309–2317.Cont…