- Explain how ERM adoption and implementation in the higher education (HE) environment differs from the for-profit environment.
- Cite specific examples from this week’s readings.
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Enterprise Risk Management (ERM) is a strategy for planning, controlling, organizing and guiding functions in an organization to mitigate and reduce the effects of risk on capital or revenues (Fraser, Simkins, & Narvaez, 2014). ERM adoption and implementation in higher learning institutions will differ from the for-profit environment in that: While ERM in a for-profit organization is profit driven, higher education id targeted to improve the dynamics of the educational environment over profit-making (ERM Initiative, 2007). The stakes here will be much more expanded to target the well-being of the personnel and creating a conducive environment for all members. For example, the ERM can be used to increased compliance of members’ to the educational board to mitigate legal and career consequences that may arise, enhance safety and ensure knowledge is imparted in a contemporary manner to resonate with the real world (Ebrary, 2019).
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