1. **Research Paper** Discusses strategy and how ERM can be integrated with an organization’s overall strategy. Prepare a research paper on some of the various issues, protocols, methods, frameworks you found and discuss how – if possible – organizations can use ERM as strategy. It is perfectly acceptable if you deem ERM cannot be used as strategy, just back up your claim with scholarly research and justifications. paper should meet these requirements: Be approximately to six pages in length, not including the required cover page and reference page. Follow APA 7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion. Support your answers with the readings from the course and at least two scholarly journal articles to support your positions, claims, and observations, in addition to your textbook. Be clearly and well-written, concise, and logical, using excellent grammar and style techniques. You are being graded in part on the quality of your writing. 2. **Discussion** Do you think that ERM is necessary in the contemporary organization and why?

Title: Integrating Enterprise Risk Management (ERM) with Overall Strategy

Enterprise Risk Management (ERM) is a comprehensive approach used by organizations to identify, assess, and manage risks in order to achieve their objectives. As businesses operate in an increasingly complex and uncertain environment, it becomes crucial to integrate ERM with the overall strategy of the organization. This research paper aims to discuss various issues, protocols, methods, and frameworks related to ERM and explore whether ERM can be used as a strategy. It will analyze scholarly research and provide justifications for its findings.

1. Importance of Integrated Approach:
Integrating ERM with the overall strategy of an organization helps in aligning risk management efforts with the achievement of strategic objectives. Instead of treating risk management as a separate, isolated function, organizations can leverage ERM to create value and gain a competitive advantage. Scholars argue that integration leads to a better understanding of risks, improved decision-making, and enhanced organizational resilience.

2. ERM as a Strategic Enabler:
Several frameworks suggest that ERM can be used as a strategic tool. The COSO Enterprise Risk Management Framework (2017) emphasizes the importance of risk-informed decision-making, which aligns with the strategic planning process. By embedding risk considerations into strategic decisions, organizations can proactively identify opportunities and minimize potential threats.

3. ERM and Strategic Planning:
ERM can contribute significantly to the strategic planning process. The process of identifying and assessing risks provides valuable insights into the external environment and internal capabilities. This information can shape the development of strategies by helping organizations identify areas for improvement or potential gaps that need to be addressed. Integrating ERM during strategic planning ensures that risks and uncertainties are considered, leading to more resilient strategies.

4. ERM and Competitive Advantage:
Organizations that effectively integrate ERM with their strategy gain a competitive advantage. Effective risk management enables organizations to make informed decisions, seize opportunities, and adapt quickly to changes in the business environment. By anticipating and managing risks, organizations can reduce the likelihood and impact of potential disruptions, thereby enhancing their resilience and sustainability.

5. Critiques of ERM as Strategy:
Despite the potential benefits, some scholars argue that ERM cannot be considered a strategy in itself. They argue that ERM is a supporting framework that enables the implementation of strategies, rather than a strategy on its own. These critics suggest that ERM should be viewed as a means to an end, helping organizations achieve their strategic objectives, rather than a standalone strategy.

Integrating ERM with the overall strategy of an organization is critical in today’s complex business landscape. By aligning risk management efforts with strategic objectives, organizations can enhance decision-making, improve organizational resilience, and gain a competitive advantage. While ERM may not be considered a strategy in itself, it is a vital tool that supports the implementation of strategies and ensures that risks and uncertainties are effectively managed. Organizations should prioritize the integration of ERM into their strategic planning process to enhance their ability to navigate uncertainties and achieve their strategic objectives.

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