Chapter 12 presented the approach Intuit uses to measure the effectiveness of their ERM, and chapter 15 presented the process the City of Edmonton employed to develop and deploy their ERM. You are an ERM consultant, retained by Intuit to re-implement their ERM. They have decided to start over and develop a new ERM for their current organization. Would you recommend that the base their new ERM on PM2 Risk Scorecard or ISO 31000? Explain why you would choose one over the other. You must use at least 2 paragraphs (of you own words) to justify your answer. To complete this assignment, you must do the following: As indicated above, assume that you are an ERM consultant, retained by Intuit to re-implement their ERM. They have decided to start over and develop a new ERM for their current organization. Would you recommend that the base their new ERM on PM2 Risk Scorecard or ISO 31000? Explain why you would choose one over the other. You must use at least 2 paragraphs (of you own words) to justify your answer *need turnit report

In recommending whether Intuit should base their new Enterprise Risk Management (ERM) on the PM2 Risk Scorecard or ISO 31000, there are several factors to consider. Both frameworks have their own advantages and disadvantages, and the choice ultimately depends on Intuit’s specific needs and objectives.

The PM2 Risk Scorecard is a comprehensive tool developed by the European Commission to assess project risks and track their management. It provides a structured approach for identifying, analyzing, and addressing risks in a project. The scorecard integrates risk management into the project management process, ensuring that risks are effectively managed throughout the project lifecycle.

One advantage of the PM2 Risk Scorecard is its focus on project-specific risks. This is particularly beneficial for Intuit, as a software company, since projects and software development activities are at the core of their operations. The scorecard’s structured approach allows for a systematic assessment of risks and provides guidance on managing them effectively. By implementing the PM2 Risk Scorecard, Intuit can align their ERM efforts with their project management practices, ensuring a seamless integration of risk management into their project processes.

On the other hand, ISO 31000 is an international standard that provides a general framework for risk management. It offers principles, guidelines, and a systematic process for managing risks in any organization, regardless of size or industry. ISO 31000 is widely recognized and adopted by organizations worldwide, providing a common language and a globally accepted approach to risk management.

One key advantage of ISO 31000 is its broad applicability. It can be implemented across different functions and departments within Intuit, providing a holistic view of risk management across the organization. This not only ensures consistency in risk assessment and management practices but also facilitates communication and collaboration between different business units. Additionally, ISO 31000 emphasizes the importance of a risk management culture, integrating risk management into the organization’s overall strategy and decision-making processes.

In conclusion, both the PM2 Risk Scorecard and ISO 31000 offer valuable frameworks for ERM implementation. The choice between the two depends on Intuit’s specific needs and objectives. If Intuit seeks a project-focused approach to risk management, integrating risk management into their project management processes, the PM2 Risk Scorecard would be a suitable choice. On the other hand, if Intuit aims for a holistic and organization-wide approach to risk management, emphasizing consistency and communication, ISO 31000 would be the recommended option. Ultimately, a thorough analysis of Intuit’s goals, structure, and operations would be necessary to make an informed recommendation.

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