Chapters 26 through 29 presented four mini-case studies on ERM and risk. Each one presented a slightly different risk scenario. Starting with chapter 29, assume that you have been asked to advise the Akawini management team on how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend that use so that they can monitor progress and performance? Choose one other of the chapters from this week and recommend ERM measures that organization should implement as well to monitor risks outlined in that chapter. To complete this assignment, you must do the following: A) Create a new thread. As indicated above, assume that you have been asked to advise the Akawini (chapter 29) management team on how they should promote and monitor the transformation of risk management in their business. What performance measures would you recommend that use so that they can monitor progress and performance? Choose one other of the chapters from this week and recommend ERM measures that organization should implement as well to monitor risks outlined in that chapter.

In advising the Akawini management team on how to promote and monitor the transformation of risk management in their business, it is crucial to select performance measures that effectively capture progress and performance. These measures should provide a comprehensive view of the organization’s risk management efforts and enable the identification of potential gaps or opportunities for improvement. One performance measure that can be recommended is the risk maturity level assessment.

The risk maturity level assessment is a tool used to evaluate an organization’s capability in managing risks. It helps in determining the current state of risk management practices and the desired future state. By assessing the maturity level, the Akawini management team can evaluate the effectiveness of their risk management initiatives and identify areas that require attention. The assessment can be conducted through surveys or interviews with employees at various levels of the organization, allowing for a comprehensive understanding of risk management practices across different departments and functions.

Additionally, the management team can implement Key Risk Indicators (KRIs) to monitor risks outlined in one of the chapters from this week. KRIs are measures used to identify and track the early warning signs of potential risks. These indicators are designed to provide real-time information on the state of specific risks and assist in proactive risk management. For instance, if the organization in the selected chapter is exposed to cyber risks, KRIs related to the frequency of cyber-attacks, the number of vulnerabilities detected, or the speed of incident response can be established. Monitoring these KRIs regularly will enable the organization to take timely actions to mitigate potential cyber risks.

Another measure that can be recommended is the implementation of a Risk Dashboard or Scorecard. This visually represents key risk metrics and indicators in a concise and easy-to-understand format. The Risk Dashboard can include metrics such as the number of incidents, the severity of risks, risk appetite utilization, and risk treatment progress. By regularly reviewing the Risk Dashboard, the management team can gain a holistic view of the organization’s risk profile, track the progress of risk mitigation initiatives, and make informed decisions regarding risk management strategies.

Furthermore, the use of periodic risk assessments can ensure that risks are identified and evaluated systematically. These assessments can be conducted annually or semi-annually and involve the analysis of both internal and external factors that may impact the organization’s objectives. By conducting regular risk assessments, the Akawini management team can identify emerging risks, evaluate their potential impact, and develop effective risk mitigation strategies.

In conclusion, to monitor the transformation of risk management in the Akawini business, the management team should consider implementing performance measures such as the risk maturity level assessment, Key Risk Indicators (KRIs), Risk Dashboards or Scorecards, and periodic risk assessments. These measures will provide valuable insights into the organization’s risk management efforts, facilitate proactive risk mitigation, and support informed decision-making.

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