Essentially, enterprise risk management is a business process that includes the methods and processes that organizations use to identify, assess, and manage risks that may affect a company’s operations and objectives. A risk manager is essentially asking, “What can go wrong and how do I control it?”
ERM is unique in structuring a business’s thought process because it can measure inefficiencies in a situation as well as predict whether or not they can take calculated risks, which can help them navigate strategic decisions or assess future paths in one place.
ERM for students/emerging professionals
Before choosing ERM as a career option one must clearly have an answer to two of the following questions :
Is my choice of profession going to remain relevant?
We need to answer that question by really thinking about what we mean by “relevance” given the newly established constants. Relevance means not only being needed for a specific period of time but also creating legitimate values and opportunities related to world events. Processes like ERM will not lose relevance as they evolve on their own in context and require implementation by smart, knowledgeable and goal-oriented managers. They can support future behaviour, control shortcomings, and maximize strengths.
Is this something I want to do/does it interest me?
This question is very subjective, but what needs to be said about it in the context of ERM is that it applies almost everywhere. Whether you’re a fashion designer planning your collection for the coming fall or you’re an engineer planning complex machinery. The important thing here is to choose how you want to hone your skills to stay relevant and create value in the job you choose.
The best place to start is to take the time to learn how ERM affects your career. The IRM’s enterprise risk management courses in India curriculum is a great starting point, it is immersive and gives you a comprehensive overview of the topic, it allows you to understand the topic and apply the knowledge gained professionally with different situations that You may encounter it adapting. The curriculum is flexible and provides a solid basic understanding of the concepts that will be necessary in different situations.