Several elements are required of successful ERM systems. Take a look at this video on Enterprise Risk Management, which offers an overview of ERM.Section five details some requirements of successful ERM’s. Choose and summarize two of these elements. Could one of these be more important than another?
Ch. 10 offers examples of probabilistic modeling. How does scenario planning at DuPont offer an example of a company becoming outward looking in managing supply chain risk?
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Several elements are required of successful ERM systems
Full Answer Section
The video doesn't mention scenario planning at DuPont.
Happy to help with any other questions about the video!
Sample Answer
According to the video Enterprise Risk Management | Thomas H. Stanton | TEDxJHUDC, two elements of successful Enterprise Risk Management (ERM) systems are:
- Information flow from bottom to top and top to bottom and across the silos of an organization.
- A culture of open communication where employees feel comfortable reporting risks without fear of reprisal.
The speaker argues that these two elements are both important but having a culture of open communication might be slightly more important. Even with a good information flow system, if employees are afraid to report problems, the system will not work.
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