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Do you think enterprise Risk Management is essential for sustainable competitive advantage of an organization?

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  1. To implement a good risk management in a company, some principles have to be understood
  2. Risk management as a competitive advantage: the firm's total risks
    1. Operational risk
    2. Product market risk
    3. Input risk
    4. Financial risk
    5. Legal risk
    6. Tax risk
    7. Regulatory risk
  3. The different stages in the risk management strategy's implementation
    1. Risk identification
    2. Risk measurement
    3. The risk control
  4. The financial ratios
  5. The ten traps
    1. The process
    2. Lack of confidence in a long-term plan
    3. Wrong assumptions
    4. Failure to adapt and change
    5. Failure to obtain input
    6. Oversimplified or unreasonable goals
    7. Inability to measure
    8. Poor team management
    9. Disregard for lessons learned
    10. Biting more than you can chew

Do you think enterprise Risk Management is essential for sustainable competitive advantage of an organization? A risk is a potential negative impact which can occur to an asset. It is also defines a probability of a loss or a threat to an organization. ERM could be defined as the sum of all proactive management directed at identification, analysis and economic control. Enterprise risk management is the reason companies realize the existence of such risks, and decide to take this factor into account when implementing their business. Thanks to ERM, companies allow them to conduct their activities in a changing and complex competitive environment; to react quickly and correctly to constantly changing conditions and to help owners, the board and management deal with risks in all aspects of operations. The effect of enterprise risk management is to increase confidence of all business partners, shareholders and co-workers in the company, explaining is why it is such a good competitive advantage. ERM impacts the company management through a wide point of view that includes horizontally: across all operations of an organization which deals with speculative and pure risks; and vertically, from the strategic level thanks the management team, and the board of directors which gives objectives to the front-line employees.

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