Enterprise risk management
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Throughout the course, risk management approaches were thoroughly explained, and their benefits of keeping a business going expounded. Other than the traditional approaches of managing risks, enterprise risk management (ERM) is introduced, which is way better due to its ability to pool all risks that may negatively or positively affect a business process. After identifying the significant risks, the top management designs and implements the most appropriate risk management methodology.
The most interesting assignments in this course were article reading and analysis, the common rule, and its relations to information systems and digital privacy. The application of baseline security requirements in cloud computing within an enterprise risk management framework was equally engaging. The most interesting reading was an enterprise risk management application and implementation case study. The reading depicts the importance of risk management, its processes, and the importance of the ERM framework as a decision-making tool in an enterprise to minimize risks and increase opportunities.
The course changed my perspective on risk management’s importance being only to mitigate the already occurred risks. It provided me with the knowledge that a practical risk management approach should identify prospective risks and formulate their solutions way before their occurrence and invent ways of making the potential risks work towards their benefit. The ERM framework had mind-blowing processes that shed light on more effective ways of risk management.
Generally, the course was adequately informative, and its objectives were achieved. With the increased risks involved with the adoption of technology in enterprises, it would be important that the course focuses mostly on the digitized risks and less on the traditional risks since they are less adverse and easily mitigated.