External Stakeholder Final Workshop Writing Assignment

External Stakeholder Final Workshop
Name
Institution
External Stakeholder Final Workshop
Part I:
As an Enterprise Risk Management (ERM) professional, one step I would take to improve external stakeholder confidence in the organization that it has a strong foundation for the long-term is to deal with the explosion of data. Ideally, more data is becoming available both from inside and outside the organization and it will require to be structured in new ways. In order to adapt for the long-term, it is important to focus on new ways of analyzing the data such as through advanced analytic tools so as to better understand risk and its effects (Moeller, 2007). The other strategy to enhance risk management for the long-term is to leverage on improved technology opportunities. For example, it is important to capitalize on new technologies and leverage their capabilities. In this way, any previous unidentifiable trends, relationships, and patterns can easily be uncovered by using improved technologies applications of the future to manage risk. Another way to gain the confidence of stakeholders that the organization has a strong foundation to build value for the long-term is through management of the cost of risk management. Ideally, the cost of risk management is costly for many organizations. There is various compliance processes and control of risk activities that are so costly in comparison to the value gained. As an ERM professional, it is important to ensure that important activities concerning risk, control, governance, and compliance are coordinated effectively to offer maximum benefit to the organization. This ensures that stakeholders can see the value of ERM for the organization and understand how this cost is worthwhile (Moeller, 2007). Finally, as an ERM professional, it is important to focus on building a stronger organization. This means the focus would be on knowing the risks that could have the greatest effect on the organization and dealing with them adequately.
Part II:
I would develop an ERM program that is responsive to the needs of each stakeholder by creating an ERM that is value-based. The ERM program would be designed in a way that it effectively deals with potential future events that cause uncertainty. For example, the ERM would be able to identify possible risks to the organization and create measures to address these risks. This means the program would be able to recognize external and internal threats along with strategic plans on how to address them (Moeller, 2007). The stakeholders would find such a program effective because it would create value for the organization when it is able to address possible risks effectively. The ERM would also be designed in a way that it provides techniques of responding in a way that lowers the likelihood of downside outcomes and maximizes the upside. The ERM program would be able to recognize opportunities for the organization and focus on enhancing them while reducing any potential for downside. Such as system would ensure that stakeholders are able to see value because weaknesses in the organization are reduced dramatically and strengths are emphasized to achieve the objective of the organization (Moeller, 2007). Further, such an ERM program would have the capability to communicate value creation and protection programs, objectives, communicate with the stakeholders and deliver as planned with few downsides. Basically, the ERM program would have a common language and offer clear di...